Penguin has reached a comprehensive agreement with the US State Attorneys General and private class plaintiffs to pay $75 million in consumer damages plus costs and fees to resolve all antitrust claims relating to eBook pricing.
Penguin has also committed to the State Attorneys General to abide by the same injunctive relief as previously agreed in a separate settlement with the Department of Justice.
In anticipation of reaching this agreement, Pearson had made a $40 million provision for settlement in its 2012 accounts. An incremental charge will be expensed in Pearson’s 2013 statutory accounts as part of the accounting for the Penguin Random House joint-venture.
“Apple is expected to go to court to defend itself against an antitrust lawsuit from the Justice Department that accuses it of colluding with five major publishers to set e-book prices,” Julie Bosman reports for The New York Times. “The trial is scheduled to begin on June 3 in Federal District Court in New York.”
Full article here.
MacDailyNews Take: Killing real competition for the appearance of competition is just plain stupid.
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