Judge approves US$450m settlement in Apple e-book case
New York
A US federal judge has approved a settlement in which Apple could begin paying US$400 million to as many as 23 million consumers related to charges that it violated antitrust law by conspiring with publishers to raise e-book prices and thwart efforts by Amazon.
In the hearing last Friday, Judge Denise Cote, a US district judge in Manhattan, approved an unusual settlement reached this summer in which Apple agreed to pay US$400 million to consumers in cash and e-book credits, and US$50 million to lawyers. Those figures could still change, however, if an appeals court overturns a 2013 verdict in the antitrust case, in which Apple was found to have conspired with five major publishers to fix the price of e-books. The appeals court, which will hear Apple's challenge on Dec 15, is not expected to change its previous ruling.
TRENDING NOW
Once staunchly pro-China, Malaysian Chinese businesses are now distancing themselves from Beijing
New launch or resale unit? Here’s a guide for homebuyers
The lesser-known prospects in the Asian chipmaking supply chain
Cliff Tan has 7 million followers and a 4-month waitlist. Why won’t he expand his business?
