Apple has announced its decision to appeal against the recent ruling in which a US court said that the Cupertino-based tech giant conspired to fix e-book prices to restrain trade.
US District Judge Denise Cote ruled on Wednesday that Apple was responsible for facilitating as well as encouraging publishers to collectively make efforts to end price competition for e-books. Pronouncing the verdict, Cote also said that late CEO Steve Jobs' comments helped prove the allegations of a conspiracy.
However, Apple reiterated that it gave customers more choice and boost competition by breaking Amazon's monopoly on the e-book industry.
After the ruling, a spokesperson for Apple, said, "Apple did not conspire to fix e-book pricing and we will continue to fight against these false accusations."
The spokesperson added that the company would pursue its appeal.
While online retailer Amazon signed "wholesale" contracts with publishers and allow the publishers to set prices; Apple opted for an "agency" model, in which publishers set the price and paid a 30 per cent commission to the Cupertino firm.
After the ruling, Amazon shares jumped to a new high, briefly surpassing $300 apiece, as investors bet that the online retailer would be a big gainer from the Cupertino firm's loss in the court.
Source: http://topnews.co.uk/219514-apple-appeal-district-court-s-ruling-e-book-price-fixing-case
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