Apple Conspired to Raise E-Book Prices, Court Ruled
Apple Inc., the American multinational technology company lost its latest appeal against the 2013 ruling that found the company guilty of conspiring to fix e-book prices in a bid to screw over rival Amazon.
Apple in July 2013 was found guilty of organizing a cartel involving five of the six largest book publishers in the US to fix e-book prices in a bid to undercut Amazon and break its market dominance.
Apple appealed against the ruling, saying that the accusations are false and it has done nothing wrong.
The US Circuit Court of Appeals threw out Apple's appeal on Tuesday, after the firm's shady e-book deals broke federal antitrust laws and upholding the $450m fine. $400m will go to consumers, and $50m to lawyers.
The court ruling said that the district court correctly decided that Apple orchestrated a conspiracy among the publishers to raise e-book prices.
The decision came on the same day when Apple launched its new Music service, which has also been the subject of antitrust scrutiny by authorities in the US and Europe.
Circuit judge Dennis Jacobs said that Apple boosted competition against the 'monopolist' Amazon.
He further wrote that a further and pervasive error is the unspoken assumption that competition should be refined, lawyer-designed, and fair under sporting rules, and that antitrust law is offended by gloves-off competition.
Apple still maintains that it did nothing wrong and said that it is considering its legal options, which could include an appeal to the US Supreme Court.