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Apple Refunds Customers $400 Million In E-Book Price Fixing Settlement

MOUNTAIN VIEW (KCBS) -- Three years after Apple was found guilty of price-fixing e-books, customers are finally getting compensated.

According to the law firm at the center of the case, Apple will pay out $400 million dollars to customers who bought e-books from Amazon, Kobo, Barnes and Noble and Apple.

Eligible customers bought e-books between April 1, 2010 and May 21, 2012.

Each customer will receive as much as $7 for each e-book purchased. The money will be deposited in their iTunes account or sent by mail.

In 2010, the Department of Justice accused Apple, HarperCollins, Simon and Schuster, Hachette Book Group, Macmillan and Penguin of colluding to fix the prices of e-books in an effort to hurt Amazon. Apple was found guilty and after several unsuccessful appeals agreed to the settlement.

Apple must also pay $30 million towards legal fees, and $20 million to the states involved in the lawsuit.

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