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Court gives preliminary approval on $450 million Apple eBook settlemen

Apple eBook price fixing settlement wins preliminary approval, Apple still fighting ruling and may not have to pay (NASDAQ:AAPL)

| Business, Financial & Legal News | Posted: Aug 4, 2014 1:03 pm

Apple has been granted preliminary approval on a proposed settlement for an eBook price fixing case brought against it by states and consumers. The main charge in the case is that Apple led a conspiracy to fix the prices of electronic books. The judge presiding over the case said that the proposed $450 million settlement is "within the range of those that may be approved as fair and reasonable."

 

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The settlement will see Apple pay $400 million to states and consumers with $50 million in attorney's fees. The settlement still requires final approval from courts. Apple is currently appealing the decision, and if it does win, it will pay nothing under the settlement.

 

If the case is kicked back to judge Denise Cote for a retrial, Apple will pay $50 million plus $20 million in attorney's fees. A judge had previously ruled that Apple conspired with five major publishers to fix prices of e-books in response to competition from Amazon.

NEWS SOURCES:Bloomberg.com

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