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Posts Tagged ‘Jamillia Ferris’

Macmillan Settles with the DOJ Over Price Fixing Lawsuit

Macmillan has settled with the Department of Justice in the lawsuit over the agency model for selling digital books. All five major publishers sued by the DOJ have now settled, leaving Apple to battle the government in court.

Macmillan CEO John Sargent wrote a letter explaining why they settled: “Our company is not large enough to risk a worst case judgment … A few weeks ago I got an estimate of the maximum possible damage figure. I cannot share the breathtaking amount with you, but it was much more than the entire equity of our company.”

Antitrust Division chief of staff Jamillia Ferris offered this statement: “As a result of today’s settlement, Macmillan has agreed to immediately allow retailers to lower the prices consumers pay for Macmillan’s e-books.”

Publishers Weekly reported that “Judge Denise Cote quickly approved a $70-million plus settlement” at a hearing.

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Penguin Settles Price Fixing Suit with the DOJ

Penguin Group has reached a proposed settlement with the Department of Justice (DOJ) over the price fixing lawsuit filed in April 2012. Macmillan (as Holtzbrinck Publishers LLC) and Apple are the only two remaining parties who have not settled with the DOJ about an alleged conspiracy to fix eBook prices.

The U.S. District Court for the Southern District of New York must approve the settlement, but it would end Penguin’s role in the suit. In addition, the DOJ noted that they are “currently reviewing” the merger deal struck between Penguin and Random House. If the merger occurs, then “the terms of Penguin’s settlement will apply to it.”

Here’s more from the DOJ Antitrust Division chief of staff Jamillia Ferris: “Since the department’s settlement with Hachette, HarperCollins and Simon & Schuster, consumers are already paying lower prices for the e-book versions of many of those publishers’ new releases and bestsellers … If approved by the court, the proposed settlement with Penguin will be an important step toward undoing the harm caused by the publishers’ anticompetitive conduct and restoring retail price competition so consumers can pay lower prices for Penguin’s e-books.”

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