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.