Apple agrees to pay $450 million to settle price-fixing suit

Apple eBook SettlementImage Source: Brett Weinstein

Apple on Wednesday agreed to a $450 million settlement to settle claims that the tech giant conspired with five book publishers in an effort to fix eBook prices. Reuters reports that the settlement would provide $400 million to consumers, but is conditioned on the outcome of an ongoing trial in the 2nd U.S. Circuit Court of Appeals in New York. “A ruling by the 2nd U.S. Circuit Court of Appeals in New York reversing the liability finding could under the settlement either reduce the amount Apple pays to $70 million, with $50 million for consumers, or eliminate payments altogether,” Reuters’ Nate Raymond, Alison Frankel and Jonathan Stempel reported.

Source:
Reuters
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