Apple, which was accused of conspiring with five publishing houses to fix prices for electronic books, has agreed to pay $450 million to settle claims made by consumers and states.
The settlement provides $400 million to consumers. However, it is conditioned on the outcome of an appeal. The appeal is pending with a New York federal court in regards to a ruling last year when Apple was found liable for violating antitrust laws by colluding with book publishers to stifle competition.
Depending on the appeal, it could change the settlement. If the 2nd U.S. Circuit Court of Appeals in New York reverses the liability finding from last year, the settlement would be reduced. It would change to either $70 million, with $50 million going to consumers, or it might eliminate the payment of any settlement completely. Either way, the settlement avoids the need for a trial to determine damages, which was set to begin next month.