Apple has finally settled on the long overdue case regarding the fixing of the prices of eBooks. According to court files dated July 16 2014, Apple will pay a sum $450 million as a out of court settlement sum.
Back in June, Apple made the decision to settle out of court to avoid a lengthy and expensive trial. At that time, the documents were sealed due to pending court approval. Consumers will receive $400 out of the $450 million.
Originally, the company was looking to fight the case in court. In the filing back in February, Apple asked the court to overturn the original ruling that found the company guilty of conspiring to fix e-book prices.
Apple was found guilty by the courts but maintained its innocence throughout the case as the mastermind behind the conspiracy with the publishers. Apple merely claimed to have “kick-started competition in a highly concentrated market, delivering higher output, lower price levels, and accelerated innovation.”
Along with $450 million in damages, Apple has also been subjected to several penalties levied by the U.S. Department of Justice, including an order to hire an external antitrust monitor. The publishers involved in the case, including Hachette, HarperCollins, Simon & Schuster, Macmillan, and Penguin also settled for a total of $166 million, which has already been making its way to customers in the form of refunds.
Source: PC World