Apple Inc. can finally breathe a sigh of relief as the Judge has at last accepted the $450 million settlement for the e-book issue. According to the reports from the court, Judge Cote has agreed to the e-book settlement appeal. According to Judge Cote, the settlement is a bit confusing as the number of individuals who have suffered the ill fate is huge. The primary settlement included that Apple Inc. will pay out approximately $400 to every individual who has been cheated contextually.
On the other hand, the state attorneys appealed for an $840 million payout to all the individuals. The struggle continued for long until both the parties accepted a $450 million settlement. Apple Inc. has been waiting since July for the court to approve the settlement. On the other hand, Apple appeal of breaking the anti-trust laws is also due the final judgement. In this situation, if Apple Inc. is found guilty of conspiring with the 5 publishers and inflate the prices of e-book at the iStore, Apple might end up paying just $50 million to the users and $20 million to the lawyers.
Apple is already on the back foot as the U.S. District Court has already banned the iPhone maker from getting into any deals with publishers in order to avoid such circumstances in the future. The agreement to the settlement comes as a surprise to a certain sector. According to the experts, the decision comes in as all are aware how time can eat up into a lawsuit.
It will be interesting to follow Apple’s market now. Apple has already had quite a few lawsuits to its name in the recent past which has not added anything good to its name. Apple Inc. will be looking forward to get this thing through as soon as possible.
Apple found guilty last year over the conspiracy of fixing prices (or inflating) for ebooks of five big publishers – HarperCollins, Penguin, Macmillan, Hachette and Simon & Schuster. These five publishers had settled their part of $166 million, as they were also found guilty and were charged over the price-fixing scandal. This $166 million will go to the consumers who bought certain ebooks between April 2010 and May 2012, which makes the total to $566 million, if Apple loses the appeal.
If you have bought ebooks from these publishers and if you want to know whether you are qualified for the settlement or not, then head over to this link (it was down when writing this article), but the sad part is, the period to make a claim ended in October 2014. If Apple loses the appeal, those users who claimed would get approximately $6.50 for every NY Times bestseller they bought, and if Apple wins, uses will get only around $1 for each ebooks.