Apple settles massive $840 million price-fixing suit

Apple EBook Price-Fixing Settlement

Apple at one point vehemently denied that it was involved with an alleged eBook price-fixing scheme that drove up the cost of eBooks. Now, the company has agreed to settle the $840 million suit out of court, Bloomberg reports. A filing with the U.S. District Court for the Southern District of New York shows that Apple has finally agreed to a settlement, the terms of which were not disclosed. Apple was found guilty in 2013 of colluding with book publishers to raise eBook prices above the discounted prices Amazon was charging in its Kindle store. Apple attorney Steve Berman noted in a letter to the judge that Apple will continue to appeal the guilty verdict, and any payments related to the settlement will be dependent on the results of that appeal.

Source:
Bloomberg
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