A federal judge Thursday expressed concern for the proposed $450 million settlement offered by Apple in a class action lawsuit against the company’s alleged collusion to manipulate eBook prices, reports say.
US District Judge Denise Cote said Thursday that payouts to affected eBook customers could be reduced due to a clause in the settlement agreement that says Apple will only have to pay $70 million if its appeal to reverse an earlier ruling against the company is successful.
The settlement hinges on Apple’s appeal of Judge Cote’s earlier ruling that found Apple guilty of fixing eBooks prices in a lawsuit filed by the US Department of Justice. Following the DOJ’s case, 33 states filed their own suits on behalf of eBook customers.
But Apple’s settlement of the states’ case depends on is appeal of the DOJ’s case.
Judge Cote also raised concern that Apple will not pay interest on the settlement while the appeal is pending.
The DOJ successfully sued Apple for colluding with major eBook publishers to manipulate product prices. A damages hearing for the states’ case would be held August 25 if a settlement falls through.
Full content: Times of India
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Hess Shareholders Approve $53 Billion Merger with Chevron
May 28, 2024 by
CPI
EU Regulators Engage with Telegram as App Nears Critical Usage Threshold
May 28, 2024 by
CPI
EEX Offers Remedies to Address EU Antitrust Concerns Over Nasdaq Deal
May 28, 2024 by
CPI
BRG Expands European Competition Practice with New Expert Team in Brussels
May 28, 2024 by
CPI
UK Law Empowers Regulators to Fine Big Tech Without Court Approval
May 28, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Merger Guidelines Retrospective
May 21, 2024 by
CPI
Mergers of Complements
May 21, 2024 by
CPI
Personality Traits, Private Equity, and Merger Analysis
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Lessons in the Importance of Incipiency, Modern Economics, and Monopsony
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Sharpening Merger Analysis
May 21, 2024 by
CPI