Apple agrees to pay $400 million in e-book price-fixing case

Apple has agreed to shell out $400 million to consumers in 33 U.S. states over an e-book price-fixing lawsuit. But the tech giant says it will only do so if it's not able to successfully appeal an antitrust ruling.

Last year, the Department of Justice won a suit claiming Apple colluded with five major e-book publishers to hike up prices over the standard $9.99 Amazon had set for new titles. Apple, of course, appealed. 

Still, the appeal is kind of a long shot for the company, since the appeals court would have to all-out reverse the lower court's decision.

Plus, the five publishers — who were named in the same lawsuit — all settled before the original trial.

New York Attorney General Eric Schneiderman, who's had a close-eye on the case said, "This settlement proves that even the biggest, most powerful companies in the world must play by the same rules as everyone else." 

To learn more about the case, watch this Newsy video.

 

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