A major American book publisher has come to an agreement to resolve a multiple state antitrust investigation for price-fixing and collusion.
Macmillan, also doing business as Holtzbrinck Publishers, has reached “an agreement in principle” with 33 states, including Texas to settle allegations that the book company manipulated prices in the E-book market.
Texas Attorney General Greg Abbott today announced the allegations included collusion with other major publishers and Apple, Inc. to influence and control prices.
“Unlawful collusion and price-fixing not only violates antitrust laws, it is anti-competitive and inconsistent with the free market approach that is critical to our economy,” Abbott said.
“Today’s agreement with Macmillan provides refunds to customers who paid artificially inflated prices for E-books and prohibits Macmillan from colluding with other publishers and undermining retail price competition in the E-book market.”
The agreement with Macmillan must be approved by the U.S. District Court for the Southern District of New York.
When the agreement is finalized E-book outlets will gain greater freedom to reduce the prices of their E-book titles.
“Consumers nationwide, including those represented by the attorneys general of the 33 states and those represented by private counsel in a related class action, will receive $20 million in compensation,” Abbott’s office stated.
Texas customers comprise nearly eight percent of E-book purchasers nationwide.
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