1. Akshay Masand's Avatar

    US District Court Judge Denise Cote recently seemed to have a change of heart as she granted preliminary approval of Apple’s $450 settlement that she previously expressed her concerns over. Judge Cote said certain provisions would greatly reduce damages that were paid out to affected consumers. That being said, she ended up agreeing to the terms and provisions of Apple’s $450 million settlement, which is said to be divided up with $400 million going to previous customers and $50 million to lawyers.

    To clarify further, Judge Cote previously expressed concern over a provision that would have Apple pay out only $70 million if the Court of Appeals for the Second Circuit overturns her original ruling. If this happened, Apple would potentially pay nothing if the appeal went through.

    Judge Cote had the following to say regarding the matter:

    The proposed settlement agreement is within the range of those that may be approved as fair and reasonable, such that notice to the class is appropriate. Preliminary approval is granted.
    We’ll hear the final decision on November 21, which is when the hearing for final approval will take place.

    Source: Reuters

    Twitter: @AkshayMasand
    2014-08-03 05:05 AM