Readers to get USD 166 million in e-book price-fixing settlement
As part of a price-fixing settlement, major e-book publishers have reportedly agreed to fund back166 million dollars to people in New York and 32 other states.
Attorney General Eric Schneiderman said in a statement that for each book the readers brought, they will be entitled to small refunds to their Kindle, Nook and other e-book seller accounts.
According to the New York Post, the states had sued publishing heavyweights Hachette, HarperCollins, Simon and Schuster, Macmillan, and Penguin as well as Apple, for practicing illegal e-book pricing.
Schneiderman said that illegal actions by these publishers forced consumers in New York and across the nation to pay artificially inflated prices for e-books.
He added that companies engaging in such anti-competitive conduct will be punished - and starting today, those injured by their actions will start to receive full and fair compensation.
The settlements were reportedly approved in Manhattan federal court last Dec. 6.
(Posted on 27-03-2014)