Apple to Pay $53M in settlement Linked to Faulty iPhones (AAPL)
Apple Inc. (NASDAQ: AAPL) has agreed to pay $53 million as a settlement to a lawsuit linked to warranties on iPhones and iPod Touche, according to Wired magazine.
Plaintiffs charged that devices did not function properly due to excessive moisture; however Apple initially said that (devices) had come into contact with water.
According to the settlement, the iPhone-maker will reimburse money to hundreds of thousands of customers who whined Apple’s loathness in providing after sale services on devices which they deemed were not up to the mark or replacing with new devices that were under one or couple years of warranties, the magazine said.
The report said that the settlement was to be filed in the court of San Francisco, and the reimbursements are subject to an approval from the judge.
Although Apple’s Chief litigation counsel, Noreen Krall signed the agreement, the Company denied any offense.
According to Wired magazine, products that are said to be malfunctioning include first, second, and third generation of iPod Touch, iPhone, iPhone 3G and iPhone 3GS. Individual reimbursements could be in the region of $200 but will depend upon number of claims from each customer, the magazine added.
When asked to comment over the issue, Apple did not immediately respond, Wired said.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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