“Apple Inc on Friday won preliminary court approval for its $450 million settlement of claims it harmed consumers by conspiring with five publishers to raise e-book prices,” Jonathan Stempel reports for Reuters. “In approving the accord, U.S. District Judge Denise Cote in Manhattan overcame concerns she had expressed over a settlement provision allowing Apple to pay just $70 million if related litigation were to drag out. Apple has been appealing Cote’s July 2013 finding, in a case brought by the U.S. Department of Justice, that it violated antitrust laws for colluding with the publishers to drive up e-book prices and impede rivals such as Amazon.com Inc.”
“In June, Apple agreed to settle related class-action litigation brought on behalf of consumers and 33 U.S. states,” Stempel reports. “That accord calls for Apple to pay $400 million to consumers and $50 million to lawyers if the federal appeals court in New York upholds Cote’s findings, and nothing if the Cupertino, California-based company wins its appeal.”
Stempel reports, “But if the appeals court overturns Cote and returns the case to her, perhaps for a new trial, Apple will owe $50 million to consumers and $20 million to lawyers.”
Read more in the full article here.
MacDailyNews Take: You’ll get nothing and like it, silly puppet!
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