Apple Corporation Owes Millions of People Money for Ripoff Scheme
Price Fixing Scam Uncovered in Court Ruling
Apple is getting ready to pay out $400 million to millions of ordinary people after it lost a long court battle over price-fixing ebooks.
The giant company was ordered to fork over this small sum of money to Americans who were ripped off when buying books from them. Money will also be placed in the accounts of customers of Amazon, Kobo and Barnes & Noble.
In 2014, a US court ruled that Apple and several publishers “conspired to restrain trade.” It was also said that: “ Apple’s lawyers and its highest executives orchestrated a price-fixing scheme with blatant disregard for the requirements of the law.”
Apple tried appealing the ruling, but they were denied earlier this year when the US Court of Appeals affirmed the ruling that the company had “conspired to raise the prices of electronic books.”
But don’t worry about the firm’s bank balance! They have up to $216 billion in cash sitting unused, which means it could fork over the settlement cash up to 540 times over without going into debt. Good to know that this penalty will not teach them a lesson. Just business as usual in the corrupt world of government.