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05-22-2013, 02:38 PM #1
Penguin Reaches Settlement in iBooks Price Fixing Plot
While Apple clings to the argument that no wrong-doing was committed amidst claims that the company participated in an ebook price fixing scheme, another alleged conspirator agreed to a settlement on Wednesday.
Penguin is confirming a $75 million settlement with U.S. State Attorneys General and private class plaintiffs.
Attorney General George Jepsen today announced that Penguin Group (USA) Inc. has entered into a settlement agreement to resolve claims asserted by Connecticut and 32 other states and territories in a lawsuit alleging price-fixing and collusion in the market for electronic books, or eBooks.
"Consumers are entitled to a fair, open and competitive marketplace," Connecticut Attorney General Jepsen said in a written statement to the media. "This agreement is yet another step toward providing restitution to those consumers who were harmed by alleged price-fixing within the eBook market and will further ensure that, going forward, consumers benefit from fair competition in the sale of eBooks."
Apple continues to defend its position and maintains it did not fix the price of eBooks. A trial related to this ongoing saga is due to commence June 3. Apple CEO Tim Cook will likely testify once the trial begins.
Source: CT Office of the Attorney General
05-22-2013, 02:51 PM #2
I buy print books and collects them, I will never see any of the settlement from any of the publisher.
The settlement is just a slap on the wrist for these publishers.
Of course Apple is going to deny price fixing, but without Apple's clause on the contract none of this price fixing would happen which involved so many of the publishers out there.