Apple to pay $400 million to settle e-book price-fixing case unless company prevails in appeal
NEW YORK, N.Y. - Apple will pay up to $400 million to compensate consumers ensnared in a plot to raise the prices of digital books unless the company overturns a court decision attesting to its pivotal role in the collusion.
The terms of the settlement disclosed in a Wednesday court filing came a month after attorney suing Apple notified U.S. District Judge Denise Cote that an agreement had been reached to avert a trial.
Lawsuits filed on behalf of digital book buyers had been seeking damages of up to $840 million for a price-fixing scheme that Cote ruled had been orchestrated by Apple Inc.
Apple is appealing Cote's decision. The Cupertino, California, company won't have to pay the $400 million settlement if it prevails.
Five major book publishers previously reached settlements totalling $166 million.
Read more Business News
- Racism in SummerlandCentral Okanagan - 11:30 am
- Suspicious fires start againVernon / N. Okanagan - 1:09 pm
- Mail at risk after key theftKelowna - 5:00 am
- Soccer dome scores profitKelowna - 1:17 pm
This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...
Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...
The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...