Apple reaches settlement on E-book price-fixing

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by 13News Now

WVEC.com

Posted on July 16, 2014 at 3:53 PM

RICHMOND- Virginia shoppers could be eligible fo up to $10.5 million dollars as part of a proposed settlement with Apple, Inc.  

This settlement comes from a price-fixing conspiracy in the E-book market. Price fixing is the agreement between many businesses to sell a product at a specific price. Consumers can only buy products at one price, and can't get them cheaper. 
 
Virginia Attorney General Mark R. Herring announced that the Federal District Court will have an appeal hearing on the allegations. If confirmed, Apple will have to repay consumers approximately $400 million nationwide.
 
Eligible consumers will be notified when the decision is finalized.

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