Apple May Pay $450M for E-Book Suit

    SAN FRANCISCO, CA - JUNE 02:  Attendees gather at the Apple Worldwide Developers Conference at the Moscone West center on June 2, 2014 in San Francisco, California. Apple CEO Tim Cook kicked off the annual WWDC which is typically a showcase for upcoming updates to Apple hardware and software. The conference runs through June 6.  (Photo by Justin Sullivan/Getty Images)

    Justin Sullivan

    Apple may end up paying $450 million to settle a suit accusing the tech giant of price-fixing e-books. Court papers filed Wednesday reveal that Apple could end up paying $400 million for a consumer compensation fund, $20 million to settle state cases, and $30 million to a class counsel. The settlement stems from a 2012 federal suit in which Apple and five publishers—Macmillan, Penguin, Hachette, HarperCollins, and Simon & Schuster—were accused of an “illegal conspiracy” to fix the prices of e-books. State suits were filed at the same time. Apple has appealed a ruling that found the company guilty of these charges. If Apple’s case is re-tried and it is ultimately found not liable, the company could end up paying nothing at all. However, that is unlikely considering the book publishers have already had to pay $166 million to settle.

    Read it at PC Magazine