IBJ Staff

Indianapolis-based WellPoint Inc.’s subsidiary in California-facing a state fine for retroactively canceling health insurance policies-agreed Friday to a class-action settlement with 6,000 policyholders, according to USA Today. Blue Cross of California pledged not to retroactively cancel coverage unless policyholders “intentionally misrepresented” information on their applications-a sharp change in its practices. In March, the California Department […]

Heidtman Steel Products Inc. of Toledo, Ohio, said today it is considering locations in Indiana, Ohio and Michigan on which to build a steel processing plant. The $225 million project would have about 200 employees annealing steel. Annealing can involve a number of processes, but often involves softens metal and removes marks caused by rolling […]

Stephen Goldsmith has taken a director position of a new infrastructure finance and investment group created by Capital Source, a Chevy Chase, Md., investment and asset management group. The new unit will buy and finance long-term transportation, utility and recreation assets in the United States, Capital Source said today. During two terms as Indianapolis mayor […]

As Indianapolis-based Emmis Communications Corp. announced dismal fourth-quarter results today, rumors heated up about Chairman Jeff Smulyan reviving a bid to take the company private. Smulyan said in a conference call this morning that he will reconsider taking the media company private “from time to time,” but will not comment on rumors or speculation. Meanwhile […]

Chances of the United States avoiding a recession are 2 in 1, former Federal Reserve chairman Alan Greenspan said at a conference hosted in Singapore by Merrill Lynch & Co. Greenspan’s optimism came after he warned in March that the economy might stagnate, and while the nation continues to struggle against headwinds of slow capital investment […]

Emmis Communications Corp. today reported that revenue in its fiscal fourth quarter fell 4.6 percent, to $78.6 million. The Indianapolis media company blamed weakness in its New York and Los Angeles radio operations for the problems and cautioned that the softness would continue into the near future. For the quarter, the company lost $12.7 million. […]

A planned $60 million renovation of Casino Aztar in downtown Evansville won’t be carried out partly because of a spat between the riverboat’s owner, Columbia Essex Corp., and Evansville Mayor Jonathan Weinzapfel. Columbia President William Yung told a conference of Evansville business leaders yesterday he doesn’t feel welcome in the city, and that previously announced […]

Indiana can pay its share of replacing the aging truss bridge linking Madison and Milton, Ky., but Kentucky can’t afford its portion of the long-planned project. Funding prospects are so bleak that Kentucky not only can’t go ahead with the $500 million bridge, but is putting off three other Ohio River bridges, according to Indiana […]

The Indianapolis-based parent of Australian Gold tanning lotions and tanning-salon-software-maker Helios said on Thursday it will expand operations here, creating 55 jobs. The parent, New Sunshine, said the $9.2 million expansion will result in upgrades to production facilities and computer equipment. A private equity fund affiliated with Stephen Hilbert purchased the businesses last year. They […]

Research and consulting company Walker Information has moved into 47,000 square feet in Lauth’s Meridian Corporate Plaza Two, a four-story, 140,000-square-foot office building at Meridian Street and Interstate 465. The three-building complex, which eventually will contain more than 340,000 square feet, also includes Lauth’s headquarters. The third building is set to open this summer.

If you’re up to the risky game of betting on which company will be next to announce it’s being gobbled up, Fortune says Steel Dynamics Inc. is worth considering. The Fort Wayne-based steelmaker could be swept up in an industry consolidation that’s underway, the magazine said. It posted a red-hot first quarter, has been buying […]

The dreaded bank workout department isn’t what it used to be for marginal borrowers, say two Indianapolis veterans who have watched the industry for decades. Until a couple of years ago, banks still were willing to help struggling companies through tough patches by restructuring loans and offering guidance in finding their way out of the […]

Executives of Indianapolis-based Steak n Shake Co. told analysts this morning that a 4.7-percent decline in same-store sales in its second fiscal quarter likely was tied to higher gas prices, a decline in housing starts and higher mortgage foreclosure rates. The restaurant chain said only 1.7 to 2 points of the 4.7 percent decline was […]

Hillenbrand Industries Inc. today said it would split itself into two companies, something the Batesville company said it was considering nine months ago and a move the company’s largest shareholder has been urging. The plan calls for Hillenbrand to spin off Hill-Rom Inc., its hospital equipment segment that has performed poorly for some time and […]

A.J. Wright, which retails discount clothing and household items, has agreed to a $239,993 fine by the city of South Bend for not following through on a 2002 commitment to create 657 jobs at a distribution center it built in the northern Indiana city. Wright, owned by TJX Cos. Inc. of Framingham, Mass., created only […]

Los Angeles-based Capital Group Cos. plans to add more than 300 investment, accounting and finance jobs in the Indianapolis area, Indiana Economic Development Corp. announced today. The jobs, which will pay an average salary of at least $50,000, will be located at Capital Group’s existing location at Woodfield Crossing on the northeast side as well […]

When Conseco Inc. settled a class-action lawsuit two years ago, it was confident its insurance would cover “a substantial portion” of the $10 million payout. Think again. According to a securities filing May 9, RLI Insurance Co. was absolved of any further responsibility toward Conseco by U.S. District Court Judge Larry J. McKinney in Indianapolis. […]

Abnormal losses have been so common at Conseco Inc. lately that a huge earnings miss in its first quarter produced just a mild effect on its stock price. Conseco shares fell slightly this morning after the life and health insurer reported earnings per share 24 cents below analysts’ expectations. Carmel-based Conseco announced Tuesday night after […]

Heartland Film Festival has created an umbrella nonprofit organization-Heartland Truly Moving Pictures-to cover all activities of the group. The film festival, which is slated for its 16th run this October, will be a subsidiary of the new organization but the parent nonprofit will also encompass the group’s foray’s into other areas, including year-round marketing efforts […]

Indy Office Solutions, which sells office equipment and manages company copying operations, has been acquired by Sharp Documents Solutions Co. of America for an undisclosed price. Stephen Orander, who founded Indy Office Solutions eight years ago, will remain as the manager. Mahwah, N.J.-based Sharp is using the deal to establish an Indianapolis regional direct sales operation.