Vulcan Materials to pay $40M to settle Ill. suit

BIRMINGHAM, Ala.

Vulcan Materials Co. said Tuesday it will pay $40 million to the state of Illinois to settle in a lawsuit alleging the company had damaged a road in a Chicago suburb.

The company, which supplies asphalt and gravel, said it will pay $20 million to the Illinois Department of Transportation within 10 days. The remaining $20 million will be paid as Vulcan receives funds from its insurers.

The lawsuit, filed in 2001, centers on allegations that Vulcan damaged a 0.9-mile portion of road that bisects a company quarry in McCook, Ill.

Shares of Vulcan Materials rose 59 cents to $53.88 in morning trading.