Apple Inc. Enters Into Settlement To Pay Back E-Book Customers $450 Million

Apple Inc.

will have to pay its 23 million customers with $450 million for hiking up -eBook prices, Computer World reported.

A United States District Judge in New York has come out with the ruling.

The reports said that in an original settlement Apple already paid $166 million to customers who bought e-books.

 Apple was accused of violating the antitrust laws by colluding with five other publishers to up prices of e-books.

Zee News India quoted the court ruling as saying that the settlement was “fair, reasonable and adequate.” In July 2013 federal court ruled that Apple was liable for violating the antitrust laws by reportedly conspiring with five publishers.

Apple has appealed the ruling.

 If Apple wins the appeal, the settlement could be reduced.

“This settlement proves that even the biggest, most powerful companies in the world must play by the same rules as everyone else,” New York state Attorney General Eric Schneiderman was quoted saying in June.

The complaint stemmed from complaints that between 2009-2010 Apple worked with five publishers to raise the prices to allegedly compete with Amazon.

Earlier Amazon was also in the limelight regarding e-books.

Bestselling authors and writers are up in arms against international retailer Amazon in its contract dispute with publisher Hachette Book Group.

Amazon in return meanwhile published a note to the public, explaining its side of the battle with Hachette involving e-book pricing.

“As writers- most of us not published by Hachette-we feel strongly that no bookseller should block the sale of books or otherwise prevent or discourage customers from ordering or receiving the books they want, ” the authors was quoted as saying in the letter.

Business Standard further quoted the letter as saying that the authors is calling on Amazon, ” to resolve its dispute with Hachette without further hurting authors and without blocking or otherwise delaying the sales of books to its customers.” Guardian reported, that several famous authors such as Stephen King, Donna Tartt and Paul Aster signed the ad.

The e-book industry is a multi-billion venture and based

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