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Apple Loses Ebook Price Fixing Appeal, Must Pay $450 Million
An anonymous reader writes: A federal appeals court ruled 2-1 today that Apple indeed conspired with publishers to increase ebook prices. The ruling puts Apple on the hook for the $450 million settlement reached in 2014 with lawyers and attorneys general from 33 states. The Justice Dept. contended that the price-fixing conspiracy raised the price of some e-books from the $10 standard set by Amazon to $13-$15. The one dissenting judge argued that Apple's efforts weren't anti-competitive because Amazon held 90% of the market at the time. Apple is unhappy with the ruling, but they haven't announced plans to take the case further. They said, "While we want to put this behind us, the case is about principles and values. We know we did nothing wrong back in 2010 and are assessing next steps."
You mean Tim Cook might have to deal with a slightly less than full scrooge mcduck swimming pool? The inhumanity!
BeauHD. Worst editor since kdawson.
"Ok, and with annual sales revenue of 180 Billion (with a B) or thereabouts, $450 Million amounts to the change you'd find under the couch cushions."
That is 1/4% If you routinely find 1/4% of your annual household revenue in your couch not doing very well.
Even for a household making a modest 30,000$/year; that would be like finding $75 in the couch. Hell, I make several times that per year, and I'd still consider finding $75 in the couch a pretty good day.
Now... http://www.macrumors.com/2014/...
According that Apple only had net revenue of $42.1 billion. So that's like our 30k household finding $320 in the couch. A rather nice day I'm sure.
And of that Apple only profited 8.5 billion...so more like the equivalent of finding $1588 in the couch. Come now, that's not couch money anymore... that's getting into hidden mattress money!!
"While we want to put this behind us, the case is about principles and values. And we're hoping to find someone who can explain to us what those words mean."
Everyone This thursday, no free bagels at all apple offices. We have to pay the fine.
Yes their thursday bagel expense is about the same as their fine.
US$ 450,000,000.00 divided by 80,000 employees = US$ 5,625.00 per employee. So let's be super generous here and assume that they spend $5 per bagel + Schmear.
Each Apple employee would have to consume 1,125 bagels each time. Assuming each bagel is 87.4 grams and that each employee eats 1,125 bagels, that would make 210 lbs (or 95 kgs) of bagels consumed per employee each Thursday (not including the Schmear).
Of course, I've made other assumptions. I've assumed that only the full time employees got free bagels, which is probably not the case. And I've assumed that all full time employees, even the ones at retail locations and warehouse locations, all got free bagels (which is probably not the case either).