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Settlement payments now going out in Apple price-fixing case

By Shawn Knight
Jun 20, 2016
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  1. As of Tuesday, June 21, customers that purchased e-books from Apple and select retailers between April 1, 2010 and May 21, 2012 will begin receiving payouts as part of a $450 million antitrust settlement levied against Apple and five of the nation’s largest publishing companies.

    Hagens Berman Sobol Shapiro LLP, the class-action law firm that handled the case, says eligible consumers will receive a $6.93 credit for every e-book which was a New York Times bestseller and a $1.57 credit for other e-books. Credits will automatically be loaded into the accounts of consumers at major book retailers including Amazon, Barnes & Noble, Kobo and Apple.

    Those who elected to receive cash in lieu of credits should receive their checks soon. Anyone that received a credit during the first round of distribution of publisher settlements and didn’t opt out will automatically receive a credit.

    The law firm said this represents one of the most successful recovery of damages in any antitrust lawsuit in the US as the payback amount is more than twice the amount of losses suffered by the class of e-book purchasers.

    In 2012, the Justice Department filed an antitrust lawsuit against Apple and major publishers over e-book price-fixing. Members of the suit allege that Apple worked with five publishers in 2010 to artificially raise the prices of e-books which the law firm says caused the price of e-books to increase 30 to 50 percent. The publishers all settled early on but Apple decided to fight it out in court.

    A federal judge in 2013 found Apple guilty and after a series of failed appeals, Apple is being forced to pay the $450 million settlement. Only $400 million will go to consumers with the remainder earmarked for legal fees and states involved in the suite.

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  2. Uncle Al

    Uncle Al TS Evangelist Posts: 1,684   +790

    Sorry, but these settlement cases that results is "credits & discounts" are nothing more than the courts complicity to reduce punishment. In a number of cases I have found that the so called credit is only for full priced items and cannot be used for discounted items. Considering the average mark up is 40-60% it means you are far from receiving full value and forget the courts directing the guilty to pay out cash. One could easily deduce that rather than making the guilty pay restitution, they have simply put into play another vehicle to increase sales. Not exactly justice .....
     
  3. fastvince

    fastvince TS Enthusiast Posts: 68   +19

    Big deal...6.93 cents. The lawyers are the only ones benefiting from this. Keep your 6.93 cents !
     

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