Apple has reached a settlement with U.S. states and consumers over the company's fixing of electronic book prices, reports Bloomberg. This likely means the company will avoid a trial in which it faced damages of up to $840 million.
A trial had been set for July over a ruling last year that Apple illegally conspired with publishers to raise e-book prices.
A federal judge in Manhattan today ordered Apple and its adversaries to submit a filing seeking approval of their accord within one month. Details of the agreement weren’t disclosed. The U.S. government sued Apple and five of the biggest publishers in April 2012, claiming the maker of the iPad pushed them to sign agreements letting it sell digital copies of their books under a pricing model that made most e-books more expensive. Under the contracts, the publishers set book prices, with Apple getting 30 percent.
Steve Berman, a lawyer representing the plaintiffs, told Bloomberg that all the U.S attorneys general and consumers had settled the case. He filed a memorandum of understand with the court; however, it's under seal and can't be discussed yet.
Apple declined to comment on the settlement but it will continue to appeal the ruling.
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A trial had been set for July over a ruling last year that Apple illegally conspired with publishers to raise e-book prices.
A federal judge in Manhattan today ordered Apple and its adversaries to submit a filing seeking approval of their accord within one month. Details of the agreement weren’t disclosed. The U.S. government sued Apple and five of the biggest publishers in April 2012, claiming the maker of the iPad pushed them to sign agreements letting it sell digital copies of their books under a pricing model that made most e-books more expensive. Under the contracts, the publishers set book prices, with Apple getting 30 percent.
Steve Berman, a lawyer representing the plaintiffs, told Bloomberg that all the U.S attorneys general and consumers had settled the case. He filed a memorandum of understand with the court; however, it's under seal and can't be discussed yet.
Apple declined to comment on the settlement but it will continue to appeal the ruling.
Read More