Sci/Tech Apple Loses Appeal For E-Books Case, Will Have To Pay $450 Million Settlement

[tom_mai78101]

The U.S. Court of Appeals has upheld a decision that will see Apple paying a $450 million settlement for conspiring to raise e-book prices. Back in 2013, Apple appealed the decision by Federal U.S. District Judge Denise Cote that found Apple guilty of fixing eBook prices in a conspiracy with five publishers. On Tuesday, the appeals court upheld that decision.

After the ruling in 2013, all of the publishers involved in the case chose to settle out of court. Only Apple continued on to appeal the decision. Now, Apple’s literally paying the price. Apple maintains that they’ve done nothing wrong. But what exactly is e-book price-fixing? As The Wall Street Journal explains about the lawsuit:

The case laid bare Apple’s efforts to gain a foothold in a market that Amazon.com Inc.commanded in 2010 with between 80% and 90% of all e-book sales.

At the time, publishers were dissatisfied with Amazon’s aggressive discounts. Apple’s agreements ceded the power to set prices to the publishers, in what’s known as an agency model. But there was an exception: If another retailer were selling an e-book at a lower price, the publisher would have to match that price in Apple’s bookstore.

Apple Loses Appeal For E-Books Case, Will Have To Pay $450 Million Settlement

The U.S. Court of Appeals has upheld a decision that will see Apple paying a $450 million settlement for conspiring to raise e-book prices. Back in 2013, Apple appealed the decision by Federal U.S. District Judge Denise Cote that found Apple guilty…

www.bustle.com

 

[Accname]

450$ million isnt that much to a company like apple I guess.
Still worse then not having to pay anything at all.

 

[KMilz]

I think what really hurts is their pride.