Apple will refund up to $400 million to consumers ensnared in a plot to raise the prices of digital books unless the company gets a court to overturn a decision affirming its pivotal role in the collusion, according to Reuters.
The settlement bill emerged in a Wednesday court filing made a month after attorneys suing Apple notified U.S. District Judge Denise Cote in New York that an agreement had been reached to avoid a trial over the issue, Reuters reported.
Lawsuits filed on behalf of digital book buyers had originally been seeking damages of up to $840 million after Cote ruled in a separate trial last year that Apple had violated U.S. antitrust law by orchestrating a price-fixing scheme with five major publishers of electronic books, according to Reuters.
Cote's decision sided with the U.S. Justice Department's contention that Apple's late CEO, Steve Jobs, had schemed with major e-book publishers to charge higher prices in response to steep discounts offered by Amazon.com, Reuters reported.
If the appeals court voids Cote's verdict and returns the case to her for further review, Apple would still have to refund $50 million to consumers and No money will be owed if the appeals court concludes that Apple didn't break any antitrust laws, according to Reuters.
But if Apple loses the appeal, millions of electronic book buyers will be eligible for refunds, though the precise number wasn't spelled out Wednesday, Reuters reported.
"Apple did not conspire to fix e-book pricing, and we will continue to fight those allegations on appeal," the company said in a statement, Reuters reported ."We did nothing wrong and we believe a fair assessment of the facts will show it."
A decision on Apple's appeal, now in the Second Circuit in New York, might not be issued for another year, according to Wednesday's filing, according to Reuters.
