Apple pays $450 million in E-Book Antitrust Case: A Summary

Apple to Pay $450 Million in E-Book Antitrust Case

Summary:

- Apple has agreed to pay $450 million to settle the antitrust case brought by the Department of Justice regarding e-book pricing. - The Department of Justice accused Apple of conspiring with publishers to raise the prices of e-books. - The $450 million payment will serve as compensation to customers who paid inflated prices for e-books during the period of the illegal price-fixing.

On July 16, 2014, Apple agreed to pay $450 million to settle the antitrust case brought by the Department of Justice regarding e-book pricing. The Department of Justice accused Apple of conspiring with publishers to artificially raise the prices of e-books. The company was alleged to have deliberately hindered competition in order to dominate the market.

The $450 million payment will serve as compensation to customers who paid inflated prices for e-books during the period of the illegal price-fixing. Buyers of e-books will be able to receive the amount either through their Apple accounts or by check. Additionally, Apple has agreed to allow antitrust monitoring for a period of five years and implement behavioral changes regarding price agreements.

The antitrust case against Apple and various publishers began in 2012 when the Department of Justice sued Apple and five major publishers, including Hachette Book Group, HarperCollins, Macmillan, Penguin Group, and Simon & Schuster, for price-fixing in the e-book market. The publishers had already reached settlements prior to the trial and made payments of over $166 million to customers.

In a nutshell

Apple has agreed to pay $450 million to settle the antitrust case brought by the Department of Justice regarding e-book pricing. The company will compensate customers who paid inflated prices for e-books during the period of the illegal price-fixing. This payment marks the end of a lengthy legal dispute and the efforts toward fairer pricing for e-books.

For more information, visit the original article on Cult of Mac.