Apple To Pay $450 Million In Settlement For Price Fixing E-Books
A federal appeals court stood by a 2013 decision that found the tech giant guilty of fixing e-book prices with publishers.
Apple’s last-ditch attempt to avoid paying $450 million to e-book buyers was just quashed, according to the Wall Street Journal. The Second U.S. Circuit Court of Appeals in Manhattan voted 2-1 on Tuesday not to overturn a July 2013 ruling that found Apple had fixed e-book prices in collusion with five major publishing houses.
“We conclude that the district court correctly decided that Apple orchestrated a conspiracy among the publishers to raise e-book prices,” Second Circuit Judge Debra Ann Livingston wrote in her ruling. The Department of Justice filed its lawsuit against Apple back in 2012, charging the company with antitrust violations.
Apple’s actions were likely a response to the stronghold Amazon had, and continues to have, on the e-book market. Settlement information for Apple e-book consumers is expected to be released in the coming months.
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