Apple has settled a portion of its e-book price-fixing case involving several state governments which were seeking up to $840 million on behalf of consumers.
The terms of the settlement were not disclosed in a document filed Monday with a U.S. Federal District Court in Manhattan, according to Bloomberg.
The case was scheduled to go to trial in July, about one year after a federal judge ruled that Apple led a conspiracy to raise the price of e-books. In that case, brought by the U.S. Department of Justice, the judge found that Apple was the ringleader of a cartel that included five major book publishers.
As part of the launch of the iPad in 2010, Apple created its own digital bookstore and struck deals with those publishers who were eager to rally behind a company that might offer competition to Amazon.com, which, they believed, heavily discounted books below the cost of sale to gain market share. Apple worked with the publishers to allow them to individually set their own book prices, with Apple keeping 30% of the sale.
SOURCE: CHRIS O’BRIEN
The Los Angeles Times