Apple agrees to pay $400mln to settle e-book price fixing lawsuit

Apple agrees to pay $400mln to settle e-book price fixing lawsuit

PanARMENIAN.Net - Technology giant Apple has agreed to pay as much as $400mln to settle a lawsuit into accusations that it colluded with publishers to fix the price of e-books.

The settlement depends on Apple losing an appeal into a 2013 ruling that it violated anti-trust laws over pricing. That ruling found Apple orchestrated "a conspiracy with five publishers to artificially raise e-book prices".

Apple has continued to deny that it engaged in any wrongdoing.

"We did nothing wrong and we believe a fair assessment of the facts will show it," Kristin Huguet, an Apple spokeswoman, said.

If approved by a judge, the $400mln will go to consumers. Apple will pay an additional $20mln in legal fees.

"In a major victory, our settlement has the potential to result in Apple paying hundreds of millions of dollars to consumers to compensate them for paying unlawfully inflated e-book price," said New York Attorney General Eric Schneiderman, who announced the settlement ahead of a damages trial that was set to begin on August 25.

There, lawyers representing consumers and 33 U.S. states, were to request $840mln in damages be awarded to consumers who were negatively impacted by the alleged higher prices for e-books.

The publishers who are accused of colluding with Apple - Hachette Book Group, HarperCollins Publishers, Penguin Group (USA) Inc, Macmillan and Simon & Schuster Inc - have already settled for $166mln in a separate suit.

The settlement had previously been announced in late June but the details had not been released.

 Top stories
Most of the decline was due to a sharp drop in digital display advertising, which plunged 8% in the second quarter.
The test saw Facebook "manipulate" news feeds to control which emotional expressions the users were exposed to.
The bike will not go on general sale, instead the firm will select customers from the U.S. to ride it and provide feedback.
The Facebook.com was unavailable in European locations. It also appeared to be offline in parts of Asia, including India.
Partner news