Reddy Ice Makes $1M Deal In Shareholders' Cartel Suit

Law360, New York (April 18, 2012, 2:54 PM EDT) -- Reddy Ice Holdings Inc., which filed for bankruptcy in Texas last week, has reached a tentative $1 million settlement in Michigan federal court with shareholders who claim the company's attempt to control the packaged ice market artificially inflated stock prices and led to a criminal probe.

Reddy Ice said the shareholders had agreed to settle after the company's counsel told them the company was filing for Chapter 11, and would seek an order disallowing the class action they brought when their stock plummeted in the wake of an investigation of Reddy Ice's alleged conspiracy with other companies to divvy up the...

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