This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Hagens Berman Attorney: Ruling In DOJ E-books Antitrust Lawsuit Strengthens Consumer Class-Action Case

Stocks in this article: AAPL

Today’s ruling in U.S. district court finding Apple (NASDAQ: AAPL) guilty of conspiring to fix prices for e-books will have implications for a separate consumer class-action lawsuit seeking damages for consumers, according to the attorneys leading that case.

Steve Berman, managing partner of consumer protection law firm Hagens Berman and lead counsel in the case representing a proposed class of millions of e-book purchasers filed on August 9, 2011, said the findings in the Department of Justice (DOJ) case will hasten the progress of the consumer case. That case, filed on Aug. 9, 2011, seeks damages for millions of e-book purchasers to compensate them for higher e-book prices resulting from Apple and the publishers’ alleged price-fixing scheme.

“Judge Cote ruled definitively that Apple was guilty of conspiring to fix prices for e-books, and we believe this ruling is binding on the consumer case, meaning we do not need to again prove Apple’s culpability in the price-fixing scheme,” Berman noted. “Once we receive class certification, the only issue that will remain is for a jury to assess damages, which under federal law are trebled, or tripled.”

Hagens Berman filed the first case on this issue, accusing Apple and five other publishers of conspiring to fix e-book prices by orchestrating a simultaneous switch from the wholesale pricing model, where prices were set by the retailer, to the agency pricing model, where the publishers set the price.

DOJ and several State Attorneys General later filed their own cases under the federal antitrust laws. Today’s ruling ends the first of two trials in the case. A second trial will be held to determine damages.

“When we filed the original consumer case, we were certain that e-book purchasers across the country were victims of a well-organized price-fixing scheme organized largely by Apple,” said Berman. “We were heartened when the Department of Justice and the States filed their own anti-trust cases. Those cases were masterfully prosecuted, culminating in today’s ruling.”

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,827.75 +12.81 0.07%
S&P 500 2,072.83 +5.80 0.28%
NASDAQ 4,787.3170 +29.0650 0.61%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs