Apple’s woe seems to have resided for the instant at the iPhone makers has been granted an approval for the settlement in the lawsuit regarding eBooks. On Friday, the US district court judge Denis Cote granted the preliminary approval to settle the lawsuit with a compensation of $450 million. The approval from the US district judge came as a shock to a lot of people. The grant of approval comes as a shock as it was Judge Denise Cote who had actually withheld the case in the over some uneasiness over a clause.
Apple has been allegedly found guilty of breaking the anti-trust policies and the act of fixing the price of the eBooks for personal profits. The present condition of the case is extremely interesting as the judgment is just a preliminary one. Apple still has the right to appeal against the verdict, and in that case the lawsuit will continue as it is.
Now, speaking of the present position, Apple will have to pay a compensation amount of $450 million. Out of the $450 million, $400 million will be given to the consumers, who were the victims of price-fixing and the remaining $50 million will be taken in as legal costs.
Now let us speak of the catch in the scenario. As Apple has been granted the preliminary approval for the settlement, the company can certainly submit an appeal against the decision. In that case, if the decision is overturned, Apple will get away without paying anything. If the case is sent back for re-evaluation, Apple might just end up paying a meager $50 million to $70 million, approximately.
According to the reports, Apple had initially agreed to pay the amount of $450 million and settle the issue over the fixing claims with 5 major publishers. It will be interesting to follow the action taken by Apple after the final hearing is conducted on 21st November.
Apple had approximately earned more than $35 billion via eBook sales during the period. Thus, even with a whopping $450 million, Apple will still be in a Win-Win position.
- Apple welcomes Beats as US gives regulatory approval.
- Apple hangs in as top tablet maker, while Samsung inches closer.
- The upcoming Apple iPad Mini will be 30 percent thinner.
[ Via ]