Apple may have to pony up about $500 million in settlements in a price-fixing case

Apple may have to pony up about $500 million in settlements in a price-fixing case
It was back in April last year when the US Department of Justice filed charges with Apple and several book publishers, such as Penguin and Simon & Schuster. The reason? Price-setting around the time of the launch of the iBookstore.

Everyone of the charged publishers has since ponied up the cash and settled with the states it did harm to, in a combined settlement worth $166 million.

Interestingly enough, however, Apple continues to deny any foul play, and has instead filed an appeal. Should Judge Cote, presiding over the case, decide to ignore the appeal, Apple may face up to $490 million in damages, according to multiple sources, including the law firm engaged in the class suit. This is due to several reasons. First, Apple is considered to be at the bottom of this, and the initiator of the price-fixing. And second, a closer examination of the paid amounts by each publisher reveal a trend: the longer it took to settle, the more the companies had to cough up in settlements:

 
With everyone but Apple agreeing to a multimillion settlement, it looks like Apple is simply dragging this out. Regardless, until an official verdict is out, we'll have to wait and see. Innocent until proven guilty, remember?

source: GigaOm

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6 Comments

1. aviatorarun

Posts: 10; Member since: Mar 29, 2011

I think Apple should come forward and accept what they have done and go for a fair settlement. Apple always have the history of dragging their mistakes and making it more ugly and embarrassing themselves.

2. sprockkets

Posts: 1612; Member since: Jan 16, 2012

"Innocent until proven guilty, remember?" Already proven guilty, DUH, remember?

3. ZeroCide

Posts: 810; Member since: Jan 09, 2013

LOL!! deny deny deny.... the Apple motto. "It never happened nothing to see here. Move along people".

4. deadstroke

Posts: 113; Member since: Jan 22, 2013

ha ha ha poor apple

5. tedkord

Posts: 17303; Member since: Jun 17, 2009

Yeah, we already have a verdict. Guilty. Once that happens, regardless of upcoming appeals, you can do the word "alleged."

6. roscuthiii

Posts: 2383; Member since: Jul 18, 2010

Thank you. Not sure where Chis P. gets this line from: "Regardless, until an official verdict is out, we'll have to wait and see. Innocent until proven guilty, remember?" If there's no verdict, then what the hell is Apple appealing?!

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