Hagens Berman: Payday for Millions of e-Book Purchasers Following $400 Million Price-Fixing Antitrust Class Action
June 20 2016 - 12:15PM
Business Wire
Consumer payout to equal twice purchasers’
losses, following Apple, publishers’ pricing scheme
Beginning June 21, 2016, millions of e-book purchasers will
receive credits and checks for twice their losses following an
antitrust lawsuit filed against Apple Inc. and five of the nation’s
largest publishing companies for their roles in an alleged e-book
price-fixing scheme, according to Hagens Berman.
Consumers will receive a $6.93 credit for every e-book which was
a New York Times bestseller, and a $1.57 credit for other
e-books.
Attorneys say the process is uniquely simple for consumers –
credits will be automatically sent directly into the accounts of
consumers at major book retailers, including Amazon.com Inc.,
Barnes & Noble Inc., Kobo Inc. and Apple. Retailers will issue
emails and put the credits in the accounts simultaneously.
If e-book purchasers requested a check in lieu of a credit, they
will receive a check. If purchasers received a credit during the
first round of distribution of publisher settlements, and they did
not opt out, they will automatically receive a credit.
The combined $400 million that will go to consumers follows the
final stage in the lawsuit in which the Supreme Court denied appeal
from Apple, bringing the consumer payback amount to more than twice
the amount of losses suffered by the class of e-book purchasers.
This represents one of the most successful recovery of damages in
any antitrust lawsuit in the country.
“To make this settlement effective and accessible for consumers,
our team faced a sizable undertaking that entailed almost constant
contact with the retailers to make sure the credits will be applied
to consumer accounts across the country,” said Steve Berman,
managing partner of Hagens Berman. “This is the second round of
distribution in the case, and we believe the only case in the
country to have so much money returned directly to consumers.”
Attorneys calculated damages based on the books purchased and
worked cooperatively with retailers to calculate the award for each
class member.
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. According to
attorneys, the anticompetitive price-fixing collusion between Apple
and the publishers caused the price of e-books to increase 30 to 50
percent to $12.99 or $14.99 from Amazon's $9.99 price.
Hagens Berman litigated the case jointly with the United States
Department of Justice and attorneys general from 33 U.S. states and
territories.
Read more about Hagens Berman’s lawsuit against Apple and e-book
publishers.
About Hagens Berman
Hagens Berman Sobol Shapiro LLP is a consumer-rights
class-action law firm with offices in 10 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160620005051/en/
Hagens Berman Sobol Shapiro LLPAshley Klann,
206-268-9363ashleyk@hbsslaw.com
Apple (NASDAQ:AAPL)
Historical Stock Chart
From Feb 2024 to Mar 2024
Apple (NASDAQ:AAPL)
Historical Stock Chart
From Mar 2023 to Mar 2024