A few months ago, I told you about a possible lawsuit involving a number of publishers who allegedly raised e-book prices illegally. I then reported that three of those publishers had reached a settlement. Well now, we know the details of that settlement.
According to the L.A. Times, Hachette, HarperCollins, and Simon & Schuster have agreed to pay a total of $69 million. The lawsuit was brought about when publishers started setting the prices of e-books, instead of retailers; thus, giving themselves a good portion of the sales. Despite the settlement, they don’t admit they’ve done anything wrong, stating “their actions were merely parallel, unilateral, or justified by market forces and completely legal.”
So how does this affect you? It means that if you bought an e-book anytime between April 1, 2010 and May 21, 2012, you’ll get some money back. However, it probably won’t amount to very much, as Carolyn Kellogg explains.
Publishers will payconsumers $1.32 for each bestselling title they purchased, 32 cents for books that were less than a year old but not bestsellers, and 25 cents for older e-books. Even devoted readers won’t wind up with much more than the cost of a new e-book or two. Conveniently, refunds will appear in e-book buyers’ online accounts on iTunes, Amazon and Barnes & Noble. Readers who purchased e-books through Google or Sony’s storefronts will receive a check, and others can opt to. They can also opt not to receive any rebate at all.
I’m thinking I’ll probably get some money back, but based on what Kellogg says, I likely won’t even realize that anything’s been deposited back into my account. What do you guys think? Do you think these publishers have coughed up enough dough? Or not as much as they should have?