logo
  Join        Login             Stock Quote

Macmillan Settles E-Books Pricing Case, Apple Trial In June

 February 08, 2013 11:02 AM
 


(By Balachander) Macmillan has reached a settlement with the U.S. Department of Justice (DOJ) to resolve allegations of price-fixing in the e-book market. The DOJ said it will continue to litigate against Apple Inc. (NASDAQ: AAPL) for conspiring with Macmillan and four of the other largest U.S. book publishers to raise e-book prices.

In April 2012, the United States filed a civil antitrust complaint alleging that Apple and five of the six largest U.S. publishers restrained competition in the sale of electronic books.

According to the complaint, the five publishers and Apple conspired to raise retail e-book prices and eliminate price competition, substantially increasing prices. The companies were unhappy that competition among e-book sellers had reduced e-book prices and the retail profit margins of the book sellers to levels they thought were too low.

[Related -Fusion-IO, Inc. (FIO): Can Fusion-IO Q2 Results Cheer Street?]

The department said consumers were typically forced to pay $12.99, $14.99 or more for the most sought after e-books.

Macmillan agreed to immediately allow retailers to lower the prices for Macmillan's e-books, the DOJ said on Friday.

The Justice Department previously settled its claims against four book publishers – Hachette Book Group Inc., HarperCollins Publishers LLC, Penguin Group (USA) Inc. and Simon & Schuster Inc. 

The DOJ said the trial against Apple is scheduled to begin in June 2013. 

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageFord Motor Company (F): A long Road to Deutsche Bank’s $19 Target

Ford Motor Company (NYSE:F) is going the right way on a one way street where most everybody else is driving read on...

article imageCitigroup Inc (C) Q1 Earnings Preview: Too Many Parts Heading South

Citigroup Inc (NYSE:C) will issue its first quarter results via press release at approximately 8 a.m. (ET) read on...

article imageFacebook Inc (FB): You Might Not Like It Today, But You’ll Like It Tomorrow

Do you honestly want to invest in stocks right now? It sure looks like the bull market is at least on read on...

article imageJPMorgan Chase & Co. (JPM) Q1 Earnings Preview: Regulation Costs To Trim Guidance?

JPMorgan Chase & Co. (NYSE:JPM) will host a conference call to review first quarter 2014 financial results read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.