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Apple agreed to pay $450 million as compensation for antitrust accord

Apple Inc. has agreed to pay the price of $450 million in order to resolve the issues of consumer claims regarding the fixing of eBook price in the United States. According to the allegations that were put forward, the iPhone maker allegedly conspired with 5 major publishers in order to fix the eBook prices. According to the reports, the settlement that has been decided will provide $400 million for the consumers and the remaining amount will be used to clear all the other payments. The above settlement was fixed after New York’s Federal Judge ruled against Apple stating the company has violated antitrust laws.Apple ready to pay $450 million as compensation for Anti-trust accord

In defense, Apple’s Spokesperson has said that they have done nothing wrong. According to the statements, Apple will press on with the allegations against it and look to clear its name from the matter. In their statement, the company has made it clear that it does not have any hand in the conspiracy allegations about fixing the eBook prices.

Apple has also said that it has complete faith in the judiciary system and believes that the final decision and terms of settlements will be taken after complete and unbiased considerations of all the facts.

In spite of this, the company has stated that if things go out of balance, the company is ready to make full compensation payment of $450 million. According to the stats, Apple made a whooping $37 billion from the sales of e-books last year and the alleged deal with the publishers was worth approximately about $150 million.

See also: IBM and Apple partnership to sell iPhones, push iOS apps to businesses.

The interesting fact about the struggle is that in Case the Court Rules against Apple, the company will still be in a winning situation.

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About Wayne Murphy

Writer and specialized in Mobile Phones (iOS, Android, BB etc), who was with the TND team since it's inception. Other than Blogging, he is also pursuing his graduation on Business Management at CA, California University. All posts by Wayne

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