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Apple will stump up $450m in eBook price fixing settlement, pending appeal

The amount Apple has agreed to pay to settle the long-running legal action (which began over two years ago) over alleged eBook price fixing in the US has now been revealed.

According to Reuters, Cupertino will pay up $450 million (£265 million) in an out of court settlement which was first announced back in the middle of June (although the exact terms weren't). However, that amount could still be reduced depending on Apple's ongoing appeal.

Before this settlement was agreed, the plaintiffs were seeking far greater damages of $840 million (£490 million).

The case, brought by the US Department of Justice, was that Apple and five major publishers had collaborated in inflating the price of eBooks. Apple has always denied this, and still does with the company currently appealing the federal ruling made last year whereby it was found guilty of riding roughshod over antitrust laws.

If Apple's appeal is successful, and that ruling gets reversed, the settlement allows for the amount payable to be reduced to either $70 million (£40 million), or nothing at all.

Apple is certainly still hopeful that it won't have to stump up in the end. Speaking of the affair, Kristin Huguet, an Apple spokeswoman, told Reuters: "We did nothing wrong and we believe a fair assessment of the facts will show it."

The five major publishers have all previously paid out $165 million (£95 million) in related antitrust charges, and aren't involved in this case.