Apple Agrees to pay $450 Million in E-Book Antitrust Deal
Apple agreed Wednesday to pay $450 million to settle an antitrust lawsuit accusing the company of conspiring with publishers to set the price of e-books.
The proposed deal is part of a case in which the Justice Department and several states sued Apple and five top publishers. But the payout to consumers could unravel if a federal appeals panel overturns a lower court ruling that Apple is liable.
“We did nothing wrong and we believe a fair assessment of the facts will show it,” Apple spokeswoman Kristin Huguet told Reuters.
Plaintiffs in the case were seeking $800 million or more.
Five publishers have already agreed to pay affected consumers a combined $166 million. The settling publishers include Hatchet Book Group, HarperCollins Publishers, Penguin Group, Simon & Schuster, and Macmillan. Among other things, Apple was accused of colluding in a bid to hinder Amazon.com.