Apple to pay $450m for price fixing
Last July, we told you about Apple going to court for playing a central role in the price fixing of e-books.
We told you about the daytime ITV drama scenario of book executives meeting up in the private dining rooms of upscale New York restaurants, where they bitched about Amazon's low prices and asking Apple what they could do about it. Apple pulled their best innocent face, but are now coughing up money.
Apple have agreed to pay $450-million to resolve the US State and consumer claims that they conspired with five major publishers to fix e-book prices.
The settlement will provide $400-million for consumers, on the condition of the outcome of a pending appeal of a New York federal judge’s ruling.
Apple will be holding out for the second ruling by the 2nd U.S. Circuit Court of Appeals in New York going in their favour. If they reverse the liability finding, they could reduce the amount Apple pays to $70 million, with $50 million going to consumers.
Or they could eliminate payments altogether.
There could well be a lot of private dining rooms in New York getting booked, filled with executives and judges in the coming weeks, if you catch the drift?