November 29, 2016

A Tennessee federal judge granted preliminary approval on Tuesday to a $30 million settlement to resolve allegations that several manufacturers of cast iron soil pipes and fittings fixed prices and muscled out competitors, causing direct buyers to overpay by some $385.1 million.

U.S. District Judge Harry S. Mattice signed off on the deal between a proposed direct purchaser class and Charlotte Pipe and Foundry Co., Randolph Holding Co., McWane Inc., AB&I Foundry, Tyler Pipe Co. and Cast Iron Soil Pipe Institute Inc. The buyers accuse the companies of violating the Sherman Act.

The judge said he found the agreement to be “fair, reasonable and adequate to the settlement class,” noting that it is subject to a fairness hearing scheduled for May.

The full article can be read here.