Apple, Publishers Face Antitrust Charges Over E-books

Originally published on Fox Business The U.S. Department of Justice on Wednesday filed an antitrust suit against Apple (AAPL: 628.50, +0.06, +0.01%) for allegedly conspiring to fix the price of e-books with five of the largest book publishers. In court papers filed in New York, the Justice Department alleged that Apple and the publishers colluded together over the past three years to limit pricing competition in the booming business for e-books. “Beginning in the summer of 2009, we allege that executives at the highest levels of the companies included in today's lawsuit – concerned that e-book sellers had reduced prices – worked together to eliminate competition among stores selling e-books, ultimately increasing prices for consumers,” U.S. Attorney General Eric Holder said in a statement. “As a result of this alleged conspiracy, we believe that consumers paid millions of dollars more for some of the most popular titles.” Three of the publishers named in the suit -- Hachette, News Corp.'s NWSA HarperCollins and CBS Corp.'s CBS Simon & Schuster -- have settled the claims. News Corp. is also the parent company of FOX Business. Also named in the suit are publishers Penguin and Macmillan. Continue reading this article here.