Pearson agrees $75 m settlement in US e-books case
Pearson has previously said that it did not believe it had done anything wrong with its e-book pricing, but that it had agreed to settle so that it could move ahead with the merger of Penguin with Random House, which it announced last October.
Pearson's Penguin said on Wednesday it would pay USD 75 million in damages plus costs and fees as part of an agreement with the United States over alleged price-fixing in the e-book market.
Pearson, which will take an extra provision on its accounts this year after setting aside USD 40 million in 2012, had already reached an agreement with the US Justice Department in the e-book pricing case. The latest deal settles the case with individual states in the country.Also read: Half of emerging mkts investments go via tax havens: Study
The Justice Department last year accused Apple and five publishers of illegally colluding on prices as part of an effort to fight online retailer Amazon.com Inc's dominance of the e-book market.Penguin said it had also committed to the state attorneys to abide by the terms agreed in the settlement with the Department of Justice.Pearson has previously said that it did not believe it had done anything wrong with its e-book pricing, but that it had agreed to settle so that it could move ahead with the merger of Penguin with Random House, which it announced last October. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
