Here's how you may be receiving part of $400M that Apple owes consumers
The Supreme Court is laying down the hammer to the tune of a solid "no" in Apple's appeal request for the ebook incident that will cost the company nearly $450M. And in this case, it's transparent as to where exactly that money is set to go: directly back in to the hands of customers.
Apple's also made headlines recently in a different court case:
Quick review: Apple, Inc. was caught in an antitrust suit back in 2010 when the company was caught persuading and conspiring with five major publishers (including HarperCollins and Penguin Group) to set (and raise) ebook prices, instead of prices being set by retailers.
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Apple was seeking to gain control of the ebook sales market that was primarily dominated by Amazon at the time, which was selling best sellers for as low as $9.99.
The verdict reached in 2013 stated that Apple would pay back $400M of a $450M (the other $50M to cover various legal fees) to ebook consumers if the settlement case stood as it was. The other publishers involved settled the case, but Apple appealed the verdict, which was promptly rejected as of Monday morning.
In a statement to the public, Assistant Attorney General Bill Baer asserted that:
"Apple's liability for knowingly conspiring with book publishers to raise the prices of ebooks is settled once and for all."
Apple's $450M payout will come in addition to the $166M that's already been paid out by the other major publishers in their settlements.
Consumers will be mostly credited back funds in the form of direct credits to their ebook accounts, just as they have been with the other publishers the past few years.
The Supreme Court did not comment on why Apple's appeal had been refused, but strongly noted "Consumers will be made whole."
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