Concrete Price Fixing

Indianapolis, IN: (Nov-06-07) A federal criminal case was brought against Shelby Gravel, a Shelbyville company, alleging that the company engaged in a concrete price fixing scheme. As part of a settlement reached, Shelby Gravel agreed to pay $4.7 million into a fund for central Indiana concrete customers. Sources say that the fund would stand to benefit as many as 5,000 concrete customers who might be eligible for compensation from eight concrete companies and their executives named as defendants in the lawsuit. The lawsuit that named several concrete companies as defendants, ended in 2007, when Shelby and two of its co-owners, Richard and Philip Haehl, struck a deal to help prosecutors in return for immunity. A company no longer in business, American Concrete Co., has reached a proposed settlement to pay $368,000. Four former executives of another company, Irving Materials Inc. of Greenfield, were sentenced to prison for their role in the scheme, and IMI was fined $29.2 million, the largest fine ever in a domestic antitrust investigation. [WTHR NEWS: CONCRETE ANTITRUST]

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Published on Nov-8-07