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."
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.
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.
—By CNBC staff