The appeal of Apple Inc. in its case about e-book over pricing was turned down by the U.S. Supreme Court. This is good news to the e-book buyers of the tech giant for they now have a chance to receive part of the $450 million settlement.
The company is now forced to dole out this massive amount to e-book buyers in order to balance the changes it unduly earned in its e-book pricing deals.
American customers who have bought an e-book from legitimate publishers from April 2010 to May 2012 may automatically receive a credit of up to $6.54 per book title representing a part of Apple's settlement.
The 2nd U.S. Circuit Court of Appeals ruled that Apple Inc. has violated federal antitrust law when it conspired to fix e-book prices. It considered the tech giant's price fixing the "supreme evil of antitrust." The Supreme Court's refusal to hear Apple's appeal is the last nail in the computer company's coffin.
With this court ruling, it is definitely established that Apple owes e-book buyers approximately $450 million. These consumers took part in the settlement of the conditional class action suit. Now, the refusal of the highest court of the land to consider the company's appeal means it's time to pay.
The Silicon Valley-based company has conspired with five book publishers to fix e-book prices. These publishers are the 'big-five' which include Macmillan, Hachette, Simon & Schuster, Penguin and Harper Collins.
The case started in 2012 with the filing of an antitrust complaint against the tech giant by the Department of Justice. It was an effort of the computer company to skirt off Amazon.com's $10 price limit on e-books.
However, Amazon CEO Jeff Bezos will not be receiving any part in the $450 million settlement. Lawyers representing the short-changed consumers will get a large chunk of the windfall.
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