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Amazon.com Inc (AMZN) Prevails Over Apple, Customers Collect Damages

Amazon.com, Inc. (NASDAQ:AMZN) Banking

Amazon.com Inc might have a check for you if you bought an ebook from Apple Inc. between April 1, 2010 to May 21, 2012.  Latest news reports indicates that Apple has started paying settlements to customers to settle the price-fixing lawsuit  that lasted two years. The firm agreed to pay $450 million as damages for its conspiracy with publishers in the price-fixing of ebooks.

Amazon.com, Inc. (NASDAQ:AMZN) Banking

The lawsuit alleged that Apple and book publishers colluded to exert monopolistic practices on the cost of ebooks. The plaintiffs alleged that Apple and the publishers inflated the price of ebooks as much as $12.99 to $14.99 when customers bought them on Amazon. However, buyers could get the same ebooks for $9.99 on other stores. The move was allegedly done in bad faith to force buyers away from buying the eBooks on Amazon.

Amazon to credit your accounts for ebooks bought from Apple

Amazon has created a dedicated page on its website where consumers can obtain information about the settlement. You don’t need to do anything to claim your share of the settlement. Amazon has gone through its records to identify eligible customers and it has calculated how much should be credited into their accounts.

Apple has disclosed that customers will get different fractions of $400 million and that it will use $50M to settle legal and state fees. The firm however, notes that it is not guilty of the price-fixing charges but it is being forced to pay up because its appeals have been rejected. In March, the Supreme Court rejected another appeal that Apple made for the reversal of the earlier ruling.

The firm will credit the account of qualifying customers with $6.93 for every ebook of a New York Times bestseller they bought. The customers will get $1.57 each for other ebooks. Buyers are free to use up the credits between now and June 24, 2017. Amazon has however tacitly hinted that you can only use the credit to buy stuff on its website, its app, or its devices. If you use the credit in making a purchase, the payment will appear as a gift card when you checkout from the store.

Amazon launches Kindle with accessibility for blind readers

Amazon controls the largest share of the U.S. ebook market and the firm owns a proprietary file format for ebooks. Nonetheless, the firm has done a great job of fighting for its customers to ensure that Apple and publishers do not cheat them. Now, the firm is fighting to ensure that blind readers do not have a pay a premium before they can access and read its content. Yesterday, Amazon introduced a lighter and thinner version of its entry-level Kindle e-reader.

The new Kindle costs $80 with ads and $100 without ads on its six-inch touch screen. However, the most interesting feature in the new gen Kindle is the introduction of Bluetooth – the first of its kind in Kindles. More so, The presence of a Bluetooth in Kindle can provide a new level of accessibility to blind readers. Readers can now connect their Kindles to Bluetooth headphones or speakers in other to enjoy text-to-speech features.

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Victor Alagbe is a seasoned business and finance writer with a specialty in writing about how to invest for the long-term in healthcare, pharmacology, energy and tech stocks. His long-term focus is on stocks that provide a nice mix of growth and income. For the short term, he passionately writes about trading stock options for the excitement and leverage that stock options offer.

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