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  • Apple to Pay its $450 Million Settlement as it Loses its Final E-Books Antitrust Appeal

    Apple was recently confirmed to be found colluding with major publishers to raise the price of e-books following the launch of the iBookstore by the Second US Circuit Court of Appeals. The case is finally put to rest and appears to be clearing the way for distribution of a $450 million settlement.

    The court wrote the following regarding the matter:

    We conclude that the district court correctly decided that Apple orchestrated a conspiracy among the publishers to raise ebook prices, that the conspiracy unreasonably restrained trade in violation of 1 of the Sherman Act, and that the injunction is properly calibrated to protect the public from future anticompetitive harms. Accordingly, the judgment of the district court is affirmed.
    Apple ended up telling the following regarding Reuters:

    While we want to put this behind us, the case is about principles and values. We know we did nothing wrong back in 2010 and are assessing next steps.
    The Cupertino California company reached terms with the government for a $450 million settlement late last year even as it continued to fight the case. If the appeals court had ruled that the case should be reconsidered, this amount would have dropped to $70 million. Apple can begin disbursing settlement funds after the recent ruling. Of the total settlement, $400 million will be refunded to consumers while $50 million will go towards the legal fees for the case.

    Source: Reuters
    This article was originally published in forum thread: Apple to Pay its $450 Million Settlement as it Loses its Final E-Books Antitrust Appeal started by Akshay Masand View original post