Apple Settles Lawsuit Tied To iTunes Gift Card Scam
Portfolio Pulse from Benzinga Neuro
Apple Inc (AAPL) has reached a settlement in a lawsuit over a scam involving its iTunes and App Store gift cards, where scammers convinced victims to pay for various obligations with gift cards. Apple allegedly kept a 30% commission from the stolen funds. The settlement covers U.S. residents who purchased gift cards from 2015 to July 31, 2020, and were scammed without receiving refunds. This follows other legal issues for Apple, including a $500 million 'Batterygate' settlement and a $25 million Family Sharing lawsuit settlement. Spotify Technology (SPOT) was also mentioned in relation to an antitrust fine faced by Apple.
January 04, 2024 | 4:16 am
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NEUTRAL IMPACT
Apple Inc has settled a lawsuit related to iTunes gift card scams, which may affect its reputation but shows willingness to resolve past issues.
While the settlement of the lawsuit may have a slight negative impact on Apple's reputation, the resolution of the issue and the company's track record of overcoming legal challenges suggest a neutral short-term impact on the stock price.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 80
NEUTRAL IMPACT
Spotify Technology was mentioned in context of an antitrust fine against Apple, which could indirectly highlight competitive pressures but has no direct impact from this news.
The mention of Spotify is tangential to the main news about Apple's settlement. The antitrust fine is a past event and does not have a direct short-term impact on Spotify's stock.
CONFIDENCE 70
IMPORTANCE 30
RELEVANCE 20