Tennesseans to Receive $2.8 Million from E-Book Price-Fixing Agreement
Tennesseans will begin receiving account credits or checks this week in a partial agreement resolving an E-book price-fixing lawsuit brought by Attorney General Bob Cooper and attorneys general from 32 other states.
The lawsuit, calling for $166 million nationwide payment, was brought against Apple, Inc. and five of the six largest E-book publishers in the country three years ago. Those E-book publishers are Hachette Book Group Inc., HarperCollins Publishers LLC, Simon & Schuster Inc., Holtzbrinck Publishers, LLC, d/b/a Macmillan, and Penguin Group (USA) Inc. Tennessee’s share is approximately $2.8 million The U.S. District Court for the Southern District of New York has now approved those agreements after finding they conspired to restrain trade in violation of federal and state laws.
“My Office is happy that Tennesseans will receive this compensation soon,” Attorney General Bob Cooper said. “Unfortunately, it took approximately three years to prove consumers paid millions of dollars more than they should have because these companies conspired to artificially raise the price of E-books.”
It has not yet been determined how many Tennesseans will receive funds. As part of the agreement, consumers will receive an account credit or check based on the number of eligible E-books they bought during the claims period (April 1, 2010 to May 21, 2012). Whether a consumer receives a credit or check depends on the retailer through which consumers bought their E-books. In certain circumstances, the payment depends upon whether a claim was properly filed or on whether a consumer specifically requested a check. Eligible consumers should review their email for communications from their E-book retailer, or from the Settlement Administrator, regarding account credits or checks. For more information on the settlements, please visit www.ebookagsettlements.com.
Apple declined to settle the claims against it, and the District Court conducted a three-week trial in June 2013. Following that trial, U.S. District Judge Denise Cote found that Apple played a central role in facilitating and executing a conspiracy to eliminate retail price competition in order to raise e-book prices, in violation of federal and state antitrust laws. A second trial to determine the amount of damages Apple must pay for that violation has been tentatively scheduled for May. If successful, additional account credits or checks will be distributed to Tennessee consumers in the future.
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Last Update on July 06, 2015 17:13 GMT
ATHENS, Greece (AP) -- A top Greek official says the government is "moving immediately"" to reach a deal with its creditors "as soon as possible" in order to stave off economic collapse.
Government spokesman Gabriel Sakellaridis said Greek Prime Minister Alexis Tsipras has sought support from all political party leaders and that the government is "fully aware of how crucial the situation is."
Tsipras met with rival party leaders a day after Greeks soundly rejected a proposal by creditors for more austerity measures in exchange for rescue money.
Sakellaridis said the leaders couldn't ignore the people's message for a viable deal that would be fair to the poor, deal with Greece's massive debt and restore liquidity to the hobbled banking system.
ATHENS-Greece (AP) -- International Monetary Fund head Christine Lagarde says the fund stands "ready to assist Greece if requested to do so."
Her statement is the IMF's first reaction to Sunday's decision by Greek voters to reject further austerity measures in return for bailout loans.
Greece is in arrears to the IMF, having failed to pay a 1.5 billion-euro ($1.7 billion) loan due last Tuesday. The IMF said it couldn't get involved in a further bailout of Greece if the country remained in arrears.
The IMF last week also said that Greece would need debt relief as well as new financing worth more than 60 billion euros through 2018 to avoid financial collapse.
Greece is expected to meet with its creditors tomorrow.
ATHENS, Greece (AP) -- On the streets of Athens, Greeks are proud of their toughness and defiance after Sunday's landslide "no" vote against creditors' demands -- but they acknowledge there's still plenty to worry about.
George Papadokostakis, a 34-year-old coffee shop owner, says he's very happy with the referendum result. He says "something happened last night with the Greek people. ... we were in a dead-end situation (but) with the `no' vote we believe there may be something better."
Shoe store worker Nicky Zachary thinks Greeks are tough and united in rejecting austerity. She says "we can live with very little and we can live through difficult situations. And I think after the referendum, the Greek people are united."
ATHENS, Greece (AP) -- Greece's defense minister says three opposition parties have signed a declaration backing Prime Minister Alexis Tsipras (TSEE'-prahs) in bailout negotiations with creditors.
That makes a total of five parties behind the prime minister, who already had the support of his own Syriza (SEER'-ih-zah) party and the junior party in the governing coalition, the Independent Greeks.
Defense Minister Panos Kammenos says the support heralds a "new era" in Greek politics and would boost Athens' chances of reaching a deal with European and international creditors.
Tsipras convened a meeting of party leaders today, a day after winning a bailout referendum that rejected creditors' previous demands. Following the vote, Greece's finance minister resigned, and he's already been replaced.
GREECE-BAILOUT: FINANCE MINISTER
ATHENS, Greece (AP) -- The Greek government has named Euclid Tsakalotos as the country's new finance minister, a day ahead of an emergency meeting with creditors in Brussels.
The 55-year-old economist was Prime Minister Alexis Tsipras' lead bailout negotiator in talks that halted last month before Tsipras called a bailout referendum. In that referendum, Greeks overwhelmingly voted against recent creditor proposals required for bailout cash.
Tsakalotos replaces fellow-economist Yanis Varoufakis who quit earlier Monday, saying his departure would help bailout negotiations reach an agreement.
UNDATED (AP) -- Credit ratings agency Fitch says Greece's `no' vote in Sunday's austerity referendum "dramatically increases" the risk of the country leaving the eurozone.
Fitch said a deal between Greece and its creditors remains possible but that there's little time. The agency said the resignation of Finance Minister Yanis Varoufakis signals the Greek government's desire to again start talking with its creditors.
It said creditors could make stronger commitments on easing Greece's huge debt but were unlikely to make big concessions on austerity measures. In addition, Fitch said the European Central Bank may find a way to provide hobbled Greek banks with additional liquidity while negotiations continued.
Markets steadied on the news of Varoufakis' resignation to not register further falls. Germany's DAX ended 1.5 percent lower, while the euro was up 0.8 percent on the day just below $1.11.
WASHINGTON (AP) -- U.S. service firms grew at a slightly faster pace in June, as business activity and new orders increased.
The Institute for Supply Management says its services index edged up to 56 in June from 55.7 in May. Any reading over 50 indicates that services firms are expanding.
Steady hiring over the past year has fueled a consumer spending rebound from a winter slump. Many economists say the economy will expand at an annual rate of 2.5 per cent in the second quarter, after shrinking during the first three months of 2015.
Still, the index's hiring component slipped in June to 52.7 from 55.3 in May, which indicates that the rate of job growth might slow.
TOKYO (AP) -- Honda's new CEO is promising to take more time in product development, and to bring his company together as a team to avoid the quality lapses that have led to shrinking profits at the Japanese automaker.
Takahiro Hachigo, an engineer who has worked in the U.S. as well as China, talked to reporters today after his appointment was approved by shareholders and the company board.
Honda's brand image has suffered after a series of massive recalls for popular vehicles in Japan, as well as for defective Takata air bags in global markets.
Hachigo's promise to turn the company around centers on raising the efficiency of global manufacturing and delivering on what he calls Honda-like products. But he's been a little short on specifics.
NEW YORK (AP) -- These Oreos are for adults. That's what the parent company of the Nabisco treat is saying about the new "Oreo Thins."
Mondelez International says Oreo Thins still have the same cookie to cream ratio, but they're thinner. And each cookie is 140 calories as opposed to the 160-calorie regular Oreo cookie.
Mondelez calls Oreo Thins a "sophisticated" snack for grown-ups that isn't meant to be twisted or dunked.
The thinner cookie joins the permanent lineup of Oreo cookies starting next week in the U.S.
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