Three years ago, Apple was found guilty of anticompetitive behavior centered around ebook pricing and price-fixing. The case was in limbo for years as Apple appealed and tried to fight the ruling, but earlier this year the Supreme Court declined to hear the company’s appeal, putting Apple on the hook for $450 million. Law firm Hagens Berman today issued a press release revealing that payouts will begin being sent to affected customers June 21st.
According to the firm, $400 million will be handed out to customers who purchased books from Amazon, Kobo, Barnes & Noble, and Apple. Payments will either be sent direct to customer iTunes accounts or a check will be mailed, depending on how the customer responded to an earlier survey.
Customers will receive $6.93 for every ebook that was a New York Times bestseller and $1.57 for every other ebook. Qualifying ebooks must have been purchased between April 1, 2010 and May 21, 2012 and be from one of the following pubslihers: Hachette Book Group, HarperCollins Publishers, Macmillan (Holtzbrinck Publishers), Penguin Group and Simon & Schuster.
As for the other $40 million, Apple will pay $20 million to the states and $30 million in legal fees.
Apple was first hit with the antitrust lawsuit because of tis “agency model” of ebook pricing and accusations that it was working with publishers to artificially raise the prices of ebooks.
Full Content: CNET
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
FCC Set to Reinstate Net Neutrality Rules Today
Apr 25, 2024 by
CPI
Chamber of Commerce Sues to Overturn FTC Non-Compete Ban
Apr 24, 2024 by
CPI
FTC Chief Warns of Healthcare Price Fixing Risks Amid Tech Advancements
Apr 24, 2024 by
CPI
Amazon’s Investment in Anthropic Faces Antitrust Scrutiny
Apr 24, 2024 by
CPI
Italian Antitrust Authority Fines Amazon €10 Million for Unfair Trade Practices
Apr 24, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI