NEW YORK (TheStreet) -- Apple Inc. (AAPL) has agreed to pay $450 million to settle claims brought against the company by various U.S. states and consumers, alleging the tech giant fixed e-book prices, Reuters reports.
The company would have to pay $400 million to consumers, but the settlement is dependent on the pending appeal of a New York Federal judge's decision which, last year, found Apple liable for violating anti-trust laws.
If the judge's decision is reversed it could reduce the amount Apple has to pay to $70 million, with $50 million going to consumers, or Apple may pay nothing, Reuters added.
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Shares of Apple are down -0.38% to $94.96 in late afternoon trading on Wednesday.
Separately, TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate APPLE INC (AAPL) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and good cash flow from operations. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."