Apple’s $450 Million Price-Fixing Settlement Gets Preliminary OK

What's Hot


Shoppers Boycott Businesses Selling Trump-Branded ProductsBusiness

5 Reasons to Shop for a Home in DecemberFamily

Giving Thanks: Why Foreigners Find America AmazingAround The House

Why Washing Your Turkey Can Make You IllFamily

50 Best Gifts Under $25 for Everyone on Your ListFamily

Pay $2 and Get Unlimited Wendy’s Frosty Treats in 2017Family

What the Richest 1 Percent Earns in Every StateFamily

10 Ways to Retire Earlier Than Friends on the Same SalaryGrow

The 10 Best Ways to Blow Your MoneyCredit & Debt

7 Foods That Can Lengthen Your LifeFamily

The 50 Hottest Toys of the Past 50 YearsFamily

7 Government Freebies You Can Get TodayFamily

However, a federal court has yet to rule on Apple's appeal of a lower court's decision against it.

Apple may end up forking over $450 million to settle claims that it conspired with a handful of publishers to increase prices on electronic books.

According to Bloomberg, Apple has won preliminary court approval for the $450 million settlement. U.S. District Judge Denise Cote in Manhattan said there’s “probable cause to find that the proposed settlement agreement is within the range of those that may be approved as fair and reasonable.”

The settlement faces another hurdle: Apple appealed the case. If a federal appeals court concurs with Cote that Apple violated U.S. antitrust laws, then the $450 million settlement, $400 million for consumers and $50 million for attorneys’ fees, stands. If Apple wins the appeal, it will pay nothing, Bloomberg said.

If the case is sent back to Cote for a retrial, the agreement says that Apple has to pay $50 million plus an additional $20 million in attorneys’ fees.

The settlement stems from “related class-action litigation brought on behalf of consumers and 33 U.S. states,” Reuters says.

“States and consumers have recovered $166 million from settlements with Hachette Book Group, HarperCollins Publishers LLC, Simon & Schuster Inc., Pearson Plc’s Penguin Group and the Macmillan unit of Verlagsgruppe Georg von Holtzbrinck GmbH,” Bloomberg said.

Eligible consumers will have until Oct. 31 to opt out or object to the Apple settlement, CNET said. A final hearing on the settlement has been set for Nov. 21.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: 7 Simple, Free Moves Guaranteed to Make You Richer

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,786 more deals!