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Apple agrees to pay $450 million over e-book price fixing, pending appeal

By Kyle Johnson,

Apple agreed on Wednesday to pay up $450 million, pending the outcome of a current appeal, over e-book price fixing claims.

A federal judge's 2013 ruling is currently being appealed by Apple, with the 2nd U.S. Circuit Court of Appeals looking into the case, where the tech company was accused of working with five major publishers to set higher e-book prices, Reuters reports.

Though back in June, Apple reached a settlement, with the terms not disclosed until Wednesday, in the case to avoid a trial, the appellate court could rule Apple only needs to pay up a reduced amount or not at all.

Throughout this whole thing, Apple has continued to deny any wrongdoing, despite the publishers having already long settled over the antitrust claims.
"We did nothing wrong and we believe a fair assessment of the facts will show it," spokeswoman Kristin Huguet said.

The Justice Department accused Hachette, MacMillan, Simon & Schuster, HarperCollins and Penguin Group of conspiring with Apple to raise e-book prices over a three year span. It is believed that consumers overpaid to the tune of $280 million, with Apple taking a 30 percent cut.

The five publishing houses agreed to pay $166 million over the case.

 
 

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