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.
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