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NY AG Schneiderman: Apple e-book settlement could result in payments of up to $400M

New York Attorney General Eric Scheiderman announced Wednesday that his office reached a settlement with Apple over the company's participation in an E-books price-fixing plan.

"This settlement proves that even the biggest, most powerful companies in the world must play by the same rules as everyone else," Schneiderman said in a press release. "In a major victory, our settlement has the potential to result in Apple paying hundreds of millions of dollars to consumers to compensate them for paying unlawfully inflated e-book prices. We will continue to work with our colleagues in other states to ensure that all companies compete fairly with the knowledge that no one is above the law."

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The press release on the settlement said that Apple will be forced to pay e-book consumers based on what happens in the company's appeal of the court's July 2013 finding that Apple violated antitrust laws.

Read More Apple price-fixing verdict may not result in cheaper e-books

If the court's ruling is affirmed, then consumers will receive $400 million, but "the settlement provides for a smaller recovery of $50 million if liability must be retried, or no recovery if Apple is determined not to have violated antitrust laws," according to the release.

Apple shares were up nearly 1 percent Wednesday.

Read MoreUS judge denies Apple's move to hold off e-book antitrust trial

—By CNBC staff

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