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Apple Inc. (NASDAQ: AAPL) lost its appeal of a 2012 antitrust case concerning e-book publishing and may be forced to pay a $450 million settlement, according to multiple reports
The settlement was reached in 2014, but was contingent on Tuesday's ruling by the 2nd U.S. Circuit Court of Appeals in New York.
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Apple on Tuesday denied that it conspired to fix e-book prices and said it's "assessing next steps" according to the Financial Times.
"The case is about principles and values," according to Apple, which could ask the U.S. Supreme Court to hear the case.
The company said recently, however, that damages "will be determined by the outcome of the appellate decision."
The U.S. Department of Justice filed the suit against Apple and five major book publishers in 2012, alleging antitrust violations.
The court found that Apple conspired to restrain trade and entered a permanent injunction in October 2013.
The settlement of a class action suit in 2014 with with 33 state attorneys general confirmed that "even the biggest, most powerful companies in the world must play by the same rules as everyone else," New York Attorney General Eric Schneiderman reportedly said at the time.
Book publishers reportedly settled the case in December 2013, including Hachette, News Corp (NASDAQ: NWSA)'s HarperCollins, CBS Corporation (NYSE: CBS)'s Simon & Schuster, Macmillan and Penguin, which is owned by Bertelsmann SE and Pearson PLC (NYSE: PSO).
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.