( Reuters) – Apple Inc ( AAPL.O) has agreed to pay up to $500 million to settle lawsuits implicating it of quietly slowing down older iPhones as it released new models, to induce owners to buy replacement phones or batteries.
FILE PHOTO: An Apple Store staff member strolls past an illustration of iPhones at the brand-new Apple Carnegie Library throughout the grand opening and media sneak peek in Washington, U.S., May 9,2019 REUTERS/Clodagh Kilcoyne
The preliminary proposed class-action settlement was disclosed on Friday night and needs approval by U.S. District Judge Edward Davila in San Jose, California.
It requires Apple to pay consumers $25 per iPhone, which might be adjusted up or down depending upon how many iPhones are eligible, with a minimum total payout of $310 million.
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