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 August 28, 2015 17:24 GMT
WASHINGTON (AP) -- Federal Reserve Vice Chairman Stanley Fischer says that incoming economic data and market developments will likely determine whether the Fed boosts interest rates in September.
Fischer says that before the recent turbulence in financial markets, there was a "pretty strong case" for starting to hike rates in September. But he adds that the Fed is watching how events unfold following the surprise announcement by the Chinese that they plan to devalue their currency.
Fischer says that central bank officials have not made a decision yet on whether to raise rates but would be closely following data such as next week's jobs report and market moves before the Sept. 16-17 meeting.
Fischer said the plan is still to move rates up very slowly and gradually.
WASHINGTON (AP) -- U.S. consumers increased their spending by a moderate amount in July, while income growth was propelled by the largest jump in wages and salaries in eight months.
The Commerce Department says spending rose 0.3 percent in July, helped by a big jump in purchases of big-ticket items such as cars. June's result was revised up to a matching 0.3 percent gain.
Incomes increased 0.4 percent. The key category of wages and salaries rose 0.5 percent, the biggest advance since last November.
The report indicates that consumer spending, which accounts for 70 percent of economic activity, got off to a good start in the third quarter. Economists believe the economy will be fueled in the second half of this year by solid income and spending gains.
WASHINGTON (AP) -- Plummeting stock prices have taken a toll on U.S. consumer confidence, though there are signs the setback may be temporary.
The University of Michigan says its consumer sentiment index fell to 91.9 this month from 93.1 in July. The index is still up 11.4 percent from a year ago.
The figures provide an early read of the impact on consumers from the 1,900 point drop in the Dow Jones industrial average over six days through Tuesday. Stock prices have since recovered some of those losses.
The University of Michigan surveys consumers throughout the month and so some of the responses were tallied as the stock market plunged.
Even so, the survey also found that Americans remain confident about the U.S. economy and their personal finances.
FACEBOOK-ONE BILLION A DAY
NEW YORK (AP) -- You, your mom, your grandma and elementary school buddy Lawrence might have been some of the billion people who logged in to Facebook on Monday -- the first time that has happened in a single day. That's right, one billion people, or one-seventh of the Earth's population.
It was a big symbolic milestone for the world's biggest online social network, which boasts nearly 1.5 billion users who log in at least once a month. CEO Mark Zuckerberg marked the occasion with a Facebook post.
Most of the billion people who logged in on Monday were outside the U.S. and Canada. Of Facebook's overall users, more than 83 percent come from other countries. This is also where Facebook's next billions of users will likely come from as it grows.
NEW YORK (AP) -- The CEO of adultery website Ashley Madison is stepping down in the wake of the massive breach of the company's computer systems and outing of millions of its members.
Avid Life Media Inc., Ashley Madison's parent company, says Noel Biderman's departure was a mutual decision and in the best interest of the company.
Hackers originally breached Avid Life's systems in July and then posted the information online a month later after the company didn't comply with their demands to shut down.
Ashley Madison, whose slogan is "Life is short. Have an affair," purports to have nearly 40 million members.
WASHINGTON (AP) -- Republican presidential candidate Donald Trump is promising to offer a plan within a month to overhaul the tax system, calling himself "king of the tax code."
He's been hinting at such a plan recently, saying that wealthy Americans should pay more.
In a phone-in interview Friday on MSNBC's "Morning Joe" show, Trump says, "I know the hedge fund guys. ... These guys don't really build anything. They shuffle papers back and forth."
Trump says he'll unveil a plan to simplify the tax code and eliminate some deductions, asserting "nobody knows the tax code better than I do."
Trump says hedge fund managers are big supporters of Democrat Hillary Rodham Clinton and GOP rival Jeb Bush and adds, "I will have a plan."
He says hedge fund managers won't be happy.
NEWPORT BEACH, Calif. (AP) -- Defense Secretary Ash Carter is announcing that the Pentagon will fund a new venture to develop cutting-edge electronics and sensors that can flex and stretch and could be built into clothing or the skins of ships and aircraft.
The high-tech investment could lead to wearable health monitors that could be built into military uniforms or used to assist the elderly. Or it could foster thin, bendable sensors that could be tucked into cracks or crevices on weapons, ships or bridges where bulky wiring could never fit. The sensors could telegraph structural problems or trigger repair alerts.
Carter plans to lay out the details for the newly created high-tech innovation institute in a speech Friday in California's Silicon Valley.
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