Apple settles e-book case for $450 million
Apple has agreed to settle the e-book case for $450 million. Apple was accused of conspiring with five book publishers to fix e-book prices. The settlement would provide $400 million to consumers, but is conditioned based on the outcome of a trial in the 2nd U.S. Circuit Court of Appeals in New York where Apple is being accused of violating antitrust laws.
The ruling by the 2nd U.S. Circuit Court of Appeals in New York could reduce the amount Apple pays to $70 million with $50 million for consumers. Payments could be eliminated altogether.
“We did nothing wrong and we believe a fair assessment of the facts will show it,” said Apple spokeswoman Kristin Huguet.