Apple Inc. (AAPL) has finally received a preliminary approval for the payment of $450 million in an antitrust law suit settlement against the company for joining publishers to raise e-book prices. The ruling was announced on Friday but Apple still can appeal the case.
Many consumers and about 33 states brought the lawsuit against Apple in February,to which Apple finally agreed to pay $450 million in June to settle the law suit. US District Judge Denise Cote yesterday, granted Apple to settle the case by paying $450 million. Apple, still has the chance to appeal against the case. In case Apple wins the appeal it would only have to pay $70 million.But if the appeals court upholds the ruling of Judge Cote’s then, Apple has to pay $400 million to the consumers and $50 million to the lawyer’s.
Apple has throughout the case maintained the stance of not colluding nor fixing e-book pricing and rejected all allegations.
The matter first came into the lime light with headlines in media back in 2010, when the Department of Justice (DoJ) alleged Apple along with five publishers, including Hachette Book Group Inc., CBS Corp’s (CBS) Simon & Schuster Inc., HarperCollins Publisher LLC, Penguin Group Inc. and Macmillan. Earlier all these publishers agreed to pay as a whole sum $166 million payment to consumers for case settlement.