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Smithfield Foods Receives $7B Buyout Offer: Ahead of the Ticker






Apple (AAPL - Get Report) filed a $53 million preliminary settlement with customers unhappy with its liquid damage policy.

Lawyers on behalf of Apple consumers have alleged that Apple relied on faulty indicators of water damage on iPhones and iPods and wrongly denied customers their warranty claims as a result. They've argued that liquid submersion indicators could be set off by as little as moisture that occurs during ordinary use. If a liquid submersion indicator had been triggered, problems with Apple devices were then not protected under Apple's warranty.

Under the preliminary settlement agreement, affected consumers may be eligible for up to $300. Owners of iPhones that were rejected for warranty coverage on the basis of liquid damage before Dec. 31, 2009, and owners of iPod Touches denied before June 2010 are eligible to receive money from the settlement, which is still subject to court approval.






The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move.

-- Written by Brittany Umar.

Brittany joined TheStreet.com TV in November 2006 after completing a degree in Journalism and Media Studies at Rutgers College. Previously, Brittany interned at the local ABC affiliate in New York City WABC-TV 7 where she helped research and produce On Your Side, a popular consumer advocacy segment.
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