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Apple Faced With $840 Million Claim Over E-Books Price Fixing

Apple Faced With $840 Million Claim Over E-Books Price Fixing

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Apple has been hit with a new damages claim of $840 million for conspiring to fix E-Book prices with publishers, leading to higher prices across the industry. The claim, which was filed Friday in New York, claims that Apple owes American E-Book customers a minimum of $280 million in damages. Steve Berman, an attorney representing consumers and 33 states, argues that E-Books prices rose 18.1 percent, equaling about $280 million in damages.

State attorneys general and consumers who sued the world’s most valuable technology company over its e-book pricing are seeking $280 million in damages and want that amount tripled, a lawyer for them said in a filing yesterday with the federal judge in Manhattan who presided over the U.S. case against Apple.

The plaintiffs say they’re entitled to triple damages under antitrust law because the U.S. had already “conclusively proven” at a trial last year that Apple orchestrated a conspiracy to fix prices. The amount sought is 0.5 percent of the $158.8 billion in cash that the Cupertino, California-based company reported that it had as of the end of 2013.

U.S. District Judge Denise Cote said she will hold a trial this year on the damages sought by the states. While almost all the documents filed by the states and Apple have been redacted or filed under seal, the plaintiffs said in a memo to Cote “the conspiracy caused widespread antitrust injury to e-book consumers” that an expert set at at least $280 million.

For most of us, $280 million seems like a lot -- however if Apple were to hand over that much, it would be just half a percent (.5%) of its total $158.8 billion cash it has on hand.

via Bloomberg

Apple Faced With $840 Million Claim Over E-Books Price Fixing

apple damages e-book trial request.pdf

petzi24 - February 4, 2014 at 2:53am
just one question: why prices for ebooks went up 25% since apples alleged "conspiracy" ended? did not every book cost 9,90,- and now it is 14,9,- or more? do the people that discuss this matter read books?
Fukran John - February 3, 2014 at 7:44am
End of the day thief's would be caught. And more to come. These guys would be giving all their money to other publishers and phone manufacturers cause almost all are stolen products. Hopefully there would be justice
ratGT - February 2, 2014 at 2:22pm
@Russell --- I'm happy to read comments like yours, because you're living proof for the existence of f&cktards which 'the system' can use and abuse! ;)
Adam - February 2, 2014 at 3:39pm
Yeah, how much is all of this costing the "system" as well? Risk/reward. So we all get a check for $.14 while the court system costs how much? Your comment isn't much better
Russell - February 2, 2014 at 7:21pm
Breaking Amazon's grip on the ebook market was Apple's and the publishers goal but the way they did it, colluding, was illegal.

col·lude (kə-lo̅o̅d′)
intr.v. col·lud·ed, col·lud·ing, col·ludes

To act together secretly to achieve a fraudulent, illegal, or deceitful purpose; conspire.
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