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Facing a jury trial next month with $840 million in potential damage claims on the line in a dispute over alleged e-book price fixing, Apple has instead decided to settle out of court to make the problem go away.
Bloomberg reported Monday that Apple Inc. has reached a settlement with U.S. states who allege the iPhone maker colluded with five big publishers to put the squeeze on Amazon, the reigning heavyweight champion of e-books.
Although the U.S. attorneys general and the consumers they represent have accepted Apple’s settlement, a memorandum of understanding under court seal prevented lawyers from revealing any details of the agreement, and Apple was typically mum on the subject as well.
The U.S. government first launched an assault against Apple in April 2012, accusing e-book publishers of working with Cupertino to keep the price of digital books high while the iPad maker scarfed up 30 percent of the take. The move was intended to pressure Amazon to raise their prices, rather than offer best sellers below cost.
The settlement will keep Apple out of court and avoid a potentially costly jury trial, including damage claims of nearly $840 million.
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