Hagens Berman: Court Affirms Potential $450 Million Settlement with Apple in E-books Price-Fixing Class Action
Second Circuit Upholds District Court Decision, Serial
Objector Loses Appeal
SEATTLE–(BUSINESS WIRE)–Hagens Berman attorneys representing a class of e-book purchasers
announced today that the Second Circuit has affirmed a District Court
ruling, bringing consumers one step closer to a proposed $450 million
settlement with Apple (NASDAQ: AAPL) for its role in an alleged
e-book price-fixing scheme with five of the nation’s largest
publishing companies. The Second Circuit rejected a single objector’s
claim that the settlement structure that was contingent on Apple’s
appeal was not ripe for decision.
With the court’s decision, what remains is Apple’s pending petition for
the Supreme Court to review the Second Circuit’s upholding of the
district court’s findings that Apple orchestrated a price-fixing
conspiracy with five of the largest e-book publishers in the United
States. If the Supreme Court denies review or upholds the finding
against Apple, consumers will receive an additional $400 million,
potentially reaching a total amount of more than $560 million when
combined with settlements with the publishing companies – more than
twice the amount of losses suffered by the class of e-book purchasers.
Hagens Berman litigated the case jointly with the United States
Department of Justice and attorneys general from 33 U.S. states and
territories.
The class of consumers alleged that Apple illegally colluded with a
group of five publishing companies to manipulate the e-book market by
artificially raising the price of e-books, lowering competition and
charging consumers higher prices.
“The decision today affirms the contingent settlement structure we
fashioned to maximize the potential amount of recovery and get money
back into consumers’ hands as fast as possible,” said Steve W. Berman.
“This anticompetitive price-fixing collusion between Apple and the
publishers caused the price of e-books to skyrocket 30 to 50 percent,”
Berman said. “We hope to close the chapter on Apple’s e-book conspiracy
soon.”
Read more about Hagens
Berman’s lawsuit against Apple and e-book publishers.
Hagens Berman Sobol Shapiro LLP is a consumer-rights class-action law
firm with offices in nine cities. The firm has been named to the
National Law Journal’s Plaintiffs’ Hot List eight times. More about the
law firm and its successes can be found at www.hbsslaw.com.
Follow the firm for updates and news at @ClassActionLaw.
Contacts
Hagens Berman Sobol Shapiro LLP
Ashley Klann, 206-268-9363
ashleyk@hbsslaw.com
