Apple has reached a of settlement of $450 million in ebook price-fixing verdict. The federal judge in his agreement orders Apple to pay some 23 million consumers related to e-book price hike charges.
Judge Denise L. Cote of Federal District Court in Friday hearing approved the settlement in which Apple will pay $400 million to consumers and that too in cash and e-book credits, whereas $50 million will be payed to lawyers.
The court, will further hear Apple’s challenge 15 December and it is expected to maintain previous ruling. However if the court overturns the ruling , Apple will only have to pay $70 million ($50 million to consumers plus $20 million to lawyers).
It seems that Apple is fatigued with the case and agreed to the settlement.
The law suit accused Apple of conspiracy along with five major publishers to increase the average price of e-books from $9.99. This price was made standard by Amazon for new e-book releases. Simon & Schuster, Hachette Book and GroupHarperCollins settled the day the case was filed whereas Penguin and Macmillan settled months later.
The $400 million will be in addition to the earlier settlements with publishers in which $166 million have already been paid to consumers of e-books in damages.
The law suit was first tried by Judge Cote in July 2013. In her verdict Apple was found guilty of pressurizing the publishers to agree to sell their books through Apple’s iBookstore.