Late last February, it was reported that Apple had assented to a proposed settlement for the class action lawsuit filed against the company in 2011 over in-app purchases (IAPs). Now, the company has begun emailing users with information about the approved settlement and instructions for securing compensation under it.

The lawsuit was filed on account of the relative ease with which children were able to carry out extravagant IAPs particularly in so-called “bait apps” like the infamous Smurfs’ Village.

Under the terms of the settlement, Apple will offer a $5 iTunes Store credit each to users who claim that a minor purchased in-game items using their iTunes account without their knowledge or permission.

If the purchased amount is more than $5 but less than $30, Apple will offer a credit for that amount. If the amount is in excess of $30 or if the iTunes account used is no longer active, Apple will offer a cash refund in lieu of an iTunes Store credit.

An email regarding the settlement has been sent out by the “Apple In-App Purchase Litigation Administrator.” Said email is reproduced in its entirety on 9to5Mac, which first reported this latest development in Apple’s much-publicized IAP saga.

The settlement is said to cover more than 23 million iTunes account holders. If you’re included in this group, read the email in question or go to http://www.iTunesInAppPurchaseSettlement.com for the steps on how to sign up for class status and reimburse your kids’ unauthorized IAPs.