In the beginning of 2014, Apple was faced with constant legal pressure due to alleged eBook price fixing, which saw many consumers (and companies) distraught by the raising costs for consumers. Now, according to a new report, Apple has settled the complaints, and could pay a tidy sum for the effort.
Apple has reportedly decided to settle with accusations of its illegal eBook price fixing, which was revealed by the New York Attorney General, Eric T. Schneiderman. The settlement will resolve claims against Apple, which include consumer damages and civil penalties in lawsuits not only brought forward by the state of New York, but also by 32 other states and territories.
As a result, Schneiderman says that Apple could pay up to $400 million to consumers. However, total costs, as noted by Reuters, suggests that Apple could pay up to $450 million.
Since all this began, it’s been a bit of a roller coaster for Apple, which was originally accused of conspiring with five major publishers to fix the pricing of eBooks. Since then, a Federal judge approved class action status to the case, and an appeals court denied Apple’s request to stay compliance monitor. Earlier this year, some figures suggested that Apple could pay a total of $840 million when the case was all said and done, so while the $450 million tag may look high, it could have been much worse.
Do you think this number is a fair one for Apple to settle with?[via Reuters]