Apple could begin paying out $400 million worth of cash and ebook credits to consumers by the end of the year, after a federal judge approved an unusual deal related to an Apple-led conspiracy to fix the price of ebooks.
Those numbers are conditional, however, on an appeals court upholding a 2013 verdict in the price-fixing case, in which Apple was found to have colluded with five big publishers to fix the price of ebooks. The appeals court will hear Apple’s challenge on December 15, but few expect that the court will disturb the verdict.
In the event the appeals court does send back the verdict to be reconsidered, Apple will instead pay only $50 million to consumers plus $20 million to the lawyers instead.
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Apple(s appl) has finally bowed out of a high stakes legal battle over ebooks and agreed to a settlement that could soon see the tech giant paying out millions to customers who purchased titles at online retailers like Amazon(s amzn) and Barnes & Noble(s bn).
According to a letter to the court filed in New York, and embedded below, Apple has reached an agreement with class-action lawyers and state attorneys general that will see the parties cancel a damages trial set for July.
The settlement is under seal for now and must be approved by the court, but is likely to be worth hundreds of millions of dollars. The money will come on top of the $160 million or so that the five publishers agreed to pay as a result of settlements reached last year.
Apple will, however, continue to appeal a jury verdict from last year in which U.S. District Judge Denise Cote…
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The link below is to an article that reports on the European settlement for Penguin in price-fixing investigation.
The link below is to an article on the latest news concerning the ebook price fixing scandal under investigation in the USA.
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The links below are to articles reporting on the alleged price fixing scandal in the book industry. The articles incude Apple’s and book publishers responses to the legal action being taken against them.
Investigation Into Alleged Price Fixing in the USA
The links below are to articles into alleged ebook price fixing involving Apple and various book publishers.