Apple agrees to $450 million settlement in e-book price fixing case
by Brent Dirks
July 16, 2014
To settle claims of e-book price fixing, Apple has conditionally agreed to pay $450 million in damages. That’s according to newly filed court documents reported on by Reuters.
As you might remember, the out-of-court settlement was first announced last month without a damage figure attached. But the new documents shed more light on the case.
Along with the five major book publishers, Apple allegedly conspired to keep e-book prices high.
Consumers are in line to receive $400 million in the settlement.
Even so, the settlement states if a higher court reverses the ruling from the New York judge, Apple might just have to pay $70 million, or possibly even nothing at all.
Apple and the publishers were originally sued back in 2012 by the U.S. government and a number of states. The publishers have already agreed to a $166 million settlement.
If Apple hadn’t agreed to the settlement, a damages trial was slated to begin in late August. The attorney generals in the case were expected to seek up to $840 million in compensation.
For other recent news, see: Amazon is testing out an e-book subscription service to compete against Oyster, Scribd, Apple is launching a new retail store in Beavercreek, Ohio this weekend, and Apple, IBM announce significant partnership to push iOS devices for business.
