Monday, September 1, 2014

Apple Settles E Book Fixed Pricing Suit!

Inc. has agreed to pay up to $400 million to settle brought by 33 state attorneys general and private class action Plaintiffs that the company conspired to fix prices on e-books, bringing possible compensation for e-book purchasers up to $566 million. Apple agreed to pay $400 million to consumers, as well as $50 million in payments to the states and attorneys’ fees, if the lower court’s July 2013 liability ruling against the company is affirmed by the Second Circuit.

If the decision is remanded for reconsideration, Apple will pay $50 million to purchasers, along with $20 million in attorneys’ fees and state payments. But will pay nothing if the lower court’s ruling is reversed. When combined with the $166 million already paid by publishers in earlier settlements, consumers stand to receive up to $566 million if the lower court’s liability judgment against is upheld.

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