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  • Apple Reaches $450 Million eBook Settlement


    Despite maintaining that it played fair without malicious intent in the publishing world, Apple effectively blinked in the ongoing showdown with regulators asserting that Apple deserves to pay a price in the ebook pricing scheme to which it allegedly was party.

    Moments ago, news broke that Apple has agreed to pay $450 million in a settlement that will resolve U.S. state and consumer allegations that the Cupertino, California-based tech giant worked with five leading publishers to fix e-book prices.

    On Wednesday, details of the settlement came to light, including the fact that the settlement will result in $400 million being paid out to consumers. However, the settlement, according to Reuters, is "conditioned on the outcome of a pending appeal of a New York federal judge's ruling last year that Apple was liable for violating antitrust laws."

    A ruling by the 2nd U.S. Circuit Court of Appeals in New York reversing the judge could, under the settlement, either reduce the amount Apple pays to $70 million, with $50 million for consumers, or eliminate payments altogether.
    "While we cannot predict the outcome of the appeal with certainty, we are confident in the case we made against Apple at trial," Connecticut Attorney General George Jepsen is quoted by Reuters.

    Source: Reuters
    This article was originally published in forum thread: Apple Reaches $450 Million eBook Settlement started by Michael Essany View original post