Apple To Pay $14M For iPhone Slowdown: Eligible Canadian Users Can Get Up To $150 From 'Batterygate' Settlement
Portfolio Pulse from Benzinga Neuro
Apple Inc. has agreed to pay $14.4 million to settle a class-action lawsuit in Canada, known as 'Batterygate', for slowing down iPhones as their batteries aged. Eligible iPhone users in Canada, except Quebec, can receive between CA$17.50 and CA$150. The lawsuit highlighted Apple's lack of communication about performance throttling introduced in 2017 to prevent unexpected shutdowns. Meanwhile, Apple has announced that the iPhone 15 series will have significantly longer battery life, maintaining 80% capacity at 1000 charge cycles.
March 05, 2024 | 8:57 am
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Apple Inc. settles 'Batterygate' lawsuit in Canada for $14.4 million, affecting iPhone 6, 6 Plus, 6s, 6s Plus, SE, 7, and 7 Plus users. The company also highlights the improved battery life of the upcoming iPhone 15 series.
The settlement may have a neutral short-term impact on Apple's stock as the financial burden of the settlement is relatively small for Apple and is likely already accounted for. However, the positive news about the iPhone 15's battery life could counterbalance any negative sentiment from the lawsuit settlement.
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