Apple Settles Lawsuit: Did your child spend money on the Apple Inc. (NASDAQ:AAPL) app store without your permission? Are you upset about this? If so, you may be in position to receive some compensation.
Apple is actually the smart money’s second favorite publicly traded company (see why it’s important to pay attention to hedge fund activity).
Apple Inc. (NASDAQ:AAPL) Press Info
The Cupertino-based company has announced plans to pay to settle a lawsuit over what has become known as “bait apps.” In short, this includes games that are downloaded for free but then charge the user money for currency to be used to play.
GigaOM has done a good job breaking down the settlement and explaining how things are going to move forward at this point. Here is what they had to say:
“Under the terms of the settlement, Apple will offer a $5 iTunes credit to those who claim that a minor bought in-game items without their knowledge or permission. If the amount in question is more than $5, Apple will offer a credit for that amount. If the amount in question is over $30, an Apple user can claim a cash refund.”
As you can see, Apple Inc. (NASDAQ:AAPL) is doing what it can to make things right. Sure, they made a mistake the first time around but it is nice to see that the company is trying to make amends with parents. After all, online privacy issues are a big deal in today’s day and age. Parents don’t want their children going online and making purchases like this without their permission.
So, how much is Apple going to pay out of its pocket for this snafu? At this point, the exact number is not known. Here is what the same GigaOM article has to say about this: