Court issues final approval of Apple’s $450 million settlement regarding e-book price fixing
A New York judge has given final approval of Apple’s $450 million settlement stemming from allegations of e-book price fixing. That’s according to a new report from Reuters.
Consumers are in line for $400 million of the settlement while lawyers will get $50 million. Here’s more from the report:
During a hearing in Manhattan, U.S. District Judge Denise Cote approved what she called a “highly unusual” accord. It calls for Apple to pay $400 million to as many as 23 million consumers if the company is unsuccessful in appealing a ruling that found it liable for antitrust violations.
Just before the trial was slated to begin in June, in which Apple could have been forced to pay $840 million or more, the case was settled. A damage figure was announced in July.
Along with the five major book publishers, Apple was accused of keeping e-book prices artificially high to fend off competition from other retailers like Amazon.com.
The publishers previously settled the case for $166 million.
Cote also said it was an “unusually structured settlement, especially for one arrived at on the eve of trial.”
Apple will appeal the case, and if it can overturn Cote’s decision, it could pay as little a $70 million.
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