“The Justice Department complaint alleged that the five companies and Apple worked together to raise retail e-book prices and eliminate price competition,” Italie and Neumeister report. “The government said competition had reduced e-book prices and the retail profit margins of the booksellers.”
Italie and Neumeister report, “Under the proposed settlement, which still needs approval by a federal judge in New York, Macmillan will lift restrictions on discounting and other promotions by e-book retailers. It will be barred from entering new agreements with similar restrictions until December 2014. ‘We settled because the potential penalties became too high to risk even the possibility of an unfavorable outcome,’ Macmillan CEO John Sargent said Friday in an online letter to authors, illustrators and agents. Sargent said the company did not reach an agreement earlier because, in part, ‘I had an old-fashioned belief that you should not settle if you have done no wrong. As it turns out, that is indeed old-fashioned.’”
Read more in the full article here.
MacDailyNews Take: So, John, was the castration painful?
The U.S. DOJ is plainly inept.
Killing real competition for the appearance of competition is just plain stupid.
[Thanks to MacDailyNews Reader "Rainy Day" for the heads up.]
U.S. reaches e-books settlement with Penguin – December 18, 2012
Apple’s U.S. e-books antitrust case set for 2013 trial – June 24, 2012
U.S. government complains, claims Apple trying to rush e-books antitrust case – June 21, 2012
Barnes & Noble blasts U.S. DOJ e-book settlement proposal – June 7, 2012
Apple: U.S. government’s e-book antitrust lawsuit ‘is fundamentally flawed as a matter of fact and law’ – May 24, 2012
Federal Judge rejects Apple and publishers’ attempt to dismiss civil case alleging e-book price-fixing – May 15, 2012
Court documents reveal Steve Jobs email pushing e-book agency model; 17 more states join class action suit – May 15, 2012
Apple vs. Amazon: Who’s really fixing eBook prices? – April 17, 2012
Apple: U.S. DOJ’s accusation of collusion against iBookstore is simply not true – April 12, 2012
Apple not likely to be a loser in legal fight over eBooks – April 12, 2012
16 U.S. states join DOJ’s eBook antitrust action against Apple, publishers – April 12, 2012
Australian gov’t considers suing Apple, five major publishers over eBook pricing – April 12, 2012
DOJ’s panties in a bunch over Apple and eBooks, but what about Amazon? – April 12, 2012
Antitrust experts: Apple likely to beat U.S. DOJ, win its eBook lawsuit – April 12, 2012
Why the market shrugged off the Apple antitrust suit – April 11, 2012
What’s wrong with the U.S. DOJ? – April 11, 2012
Macmillan CEO blasts U.S. DOJ; gov’t on verge of killing real competition for appearance of competition – April 11, 2012
U.S. DOJ hits Apple, major publishers with antitrust lawsuit, alleges collusion on eBook prices – April 11, 2012
U.S. DOJ may sue Apple over ebook price-fixing as early as today, sources say – April 11, 2012