Penguin reaches comprehensive agreement with the US State Attorneys General and private class plaintiffs
May 22, 2013
Penguin has reached a comprehensive agreement with the US State Attorneys General and private class plaintiffs to pay $75 million in consumer damages plus costs and fees to resolve all antitrust claims relating to eBook pricing. Penguin has also committed to the State Attorneys General to abide by the same injunctive relief as previously agreed in a separate settlement with the Department of Justice.
In anticipation of reaching this agreement, Pearson had made a $40m provision for settlement in its 2012 accounts. An incremental charge will be expensed in Pearson's 2013 statutory accounts as part of the accounting for the Penguin Random House joint-venture.
For more information
Pearson: Simon Mays-Smith/ Charles Goldsmith: + 44 207 010 2310
Penguin: Rebecca Sinclair: + 44 207 010 4279