Cement outfit paying $29M to settle price fixing suit

INDIANAPOLIS (AP) - A Central Indiana concrete company has agreed to pay $29 million to settle a class action antitrust lawsuit.

Irving Materials of Greenfield and six other companies allegedly conspired to fix the price of ready-mixed concrete.

A federal judge must approve the settlement.

Four former Irving Materials executives were sentenced to prison in 2005 for their role in the scheme.

Investigators estimate IMI made $225 million from the scheme from 2000 to 2004.