Apple settles case over e-book price agreements

Apple has reached a settlement in a lawsuit over manipulating the price of e-books. It is not known what the exact terms of the settlement are, but it is certain that Apple will prevent millions in damages claims.

Apple has illegally negotiated price agreements with book publishers, according to prosecutors, US regional governments and complaining consumers. The complainants claimed $840 million in damages, which Apple is avoiding with the settlement, writes the financial news agency Bloomberg.

The exact details of the settlement are secret; it is not clear whether and how much Apple will still pay consumers and government, or whether the company is committed to anything. That happened in a similar case in the European Union, in which Apple was also accused of manipulating the price of e-books. Apple promised to get better.

Apple has been accused of driving up the price of e-books in both the United States and Europe. Apple let book publishers set the price of e-books, of which it collected 30 percent itself. As a result, Amazon, among others, had to increase the prices of its e-books; Apple signed contracts with publishers in which they committed to give Apple the lowest price.