Apple Inc. has finally agreed to make a settlement payment of as much $400 million on a civil suit regarding the pricing of e-books, contingent on the manufacturer’s appeal in last year’s antitrust litigation.
Just this Wednesday, Apple continued to shoot down allegations of conspiring to fix pricing on e-books and indicated it would defend itself. A spokesperson also added the firm didn’t do anything wrong.
The amount Apple will be paying is dependent on Apple’s appeal on a finding last year that it was in violation of antitrust laws by collaborating with several publishers to raise pricing of e-books. If the court ruling is confirmed, Apple may pay as much as $400 million.
Plaintiffs are claiming the American electronics giant to overcharging its consumers by $280 million for e-books and that Apple should pay three times the amount.
In the antitrust suit prosecutors from the Justice Department said that Apple utilized dissatisfaction of publishers with Amazon’s e-book discounting to place itself in the e-book market when it released the iPad in 2010.