Apple Inc. (AAPL) settles e-book civil lawsuit
Apple Inc. (NASDAQ:AAPL) has announced a settlement with civil plaintiffs in a court case that was related to the pricing of e-books, according to The Wall Street Journal. The exact terms of the settlement is unknown and will require final approval from the court.
The parties sued Apple for $840 million in damages after claiming that the company overcharged consumers by $280 million through exclusive deals with publishers on the platform. Apple is appealing the antitrust ruling against it for the same issue.
Last year, a court decided that Apple and five major U.S. publishers was guilty of working together to drive up the price of e-books in the U.S.
Apple was appointed a monitor by the court and was prohibited from entering into any special agency arrangements with these publishers. Amazon lost its ability to price most Kindle titles at $9.99 and prices rose as a result.