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Apple ebook price fixing settlement to cost $450 million

Apple proposes a $450 million settlement that will only go into effect if it loses one more appeal in price fixing legal row (NASDAQ:AAPL)

| Business, Financial & Legal News | Posted: Jul 17, 2014 10:21 am

Apple has been in hot water and facing legal action for a while now over alleged ebook price fixing in the US. Apple is now near to making a settlement with 33 US states that accused the firm of hiking up prices of ebooks sold to users in collusion with publishers. The settlement is conditional.

 

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Reports indicate that the settlement, if approved, would cost Apple $450 million. Attorneys in the case would get $50 million and the remaining $400 million would reportedly go back to consumers who purchased books at the inflated price.

 

The settlement will only go ahead if Apple loses an appeal from the 2nd US Circuit court of Appeals in New York. That appeal is from a case in 2013 accusing Apple of participating in a price-fixing conspiracy with publishers to raise the price of ebooks.

NEWS SOURCES:Theregister.co.uk

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