Apple Settles Old iPhone Throttling Lawsuit; Could Pay Up To $500 Million

Apple (NASDAQ: AAPL) has settled a class action lawsuit over its practice of slowing down older iPhones, agreeing to pay up to $500 million to impacted consumers. 

Citing the preliminary lawsuit settlement, which was made public late last week, Reuters reports Apple will pay each consumer $25 per iPhone.

The minimum total payout would be $310 million but it could rise to $500 million depending on the number of iPhones that are covered in the settlement. As it stands the settlement reached Friday covers iPhone 6, 6 Plus, 6s, 6s Plus, 7, 7 Plus that ran on Apple's iOS 11.2 or later. The phones had to be in use prior to December 17, 2017. 

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Source Fool.com