Readers to get $166 million in e-book price-fixing settlement

As part of a price-fixing settlement, major e-book publishers have reportedly agreed to fund back166 million dollars to people in New York and 32 other states.

Attorney General Eric Schneiderman said in a statement that for each book the readers brought, they will be entitled to small refunds to their Kindle, Nook and other e-book seller accounts.

According to the New York Post, the states had sued publishing heavyweights Hachette, HarperCollins, Simon and Schuster, Macmillan, and Penguin as well as Apple, for practicing illegal e-book pricing.

Schneiderman said that illegal actions by these publishers forced consumers in New York and across the nation to pay artificially inflated prices for e-books.

He added that companies engaging in such anti-competitive conduct will be punished - and starting today, those injured by their actions will start to receive full and fair compensation.

The settlements were reportedly approved in Manhattan federal court last Dec. 6.