- Main point: Penguin will pay $75 million to settle claims of conspiring with other publishers and Apple to raise e-book prices.
Key information:
- The settlement includes paying $75 million in consumer damages plus costs and fees to resolve antitrust claims.
- The money will be distributed to consumers nationwide, and Penguin will pay $7 million to the states for legal fees and costs.
- Penguin previously settled with the Department of Justice last December.
- Justice officials have also extracted settlements from other publishers, leaving Apple as the last holdout.
- The trial against Apple is scheduled to begin in June in US District Court for the Southern District of New York.
- The DOJ accused Apple of being the "ringmaster" in the conspiracy to raise e-book prices.
- Apple has denied being part of any conspiracy or being aware of one.
Important details:
- The Pearson-owned company announced the settlement yesterday.
- Massachusetts Attorney General Martha Coakley announced that the money will be distributed to consumers and that Penguin will pay additional fees to the states.
- Overall, US consumers will receive $164 million in reimbursements for e-book price fixing.
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