Canadian lawyers are building up to a class-action suit against Apple and several major ebook publishers. The proposed action makes many of the same charges that the U.S. one does, seeking redress for Canadians who overpaid due to the companies’ alleged conspiracy to lessen competition and “fix, maintain, increase or control the prices of e-books.”
At least five suits have been filed in Ontario, Quebec and B.C. by firms that include Camp Fiorante Matthews Mogerman of Vancouver and Siskinds LLP of Ontario.
Apple, Hachette, HarperCollins, Macmillan, Penguin, Simon & Schuster, and their Canadian subsidiaries have been accused of contravening the Competition Act, but none has yet responded.
The suits contend that the collusion was designed to knock Amazon off its perch as the top ebook seller by preventing retailers from undercutting Apple’s prices, among other things. As a result, Canadians were forced to pay “as much as 50 per cent for most titles over Amazon’s previous prices.”
Related links:
Globe and Mail – Allegations of e-book price fixing hit Canada
Toronto Star – ebook price-fixing lawsuits hit Canada
While last week’s stocks provided a good boost to the economy, the last day proved to be a miserable one for the stock market. The stock closed mostly lower as compared to last week’s gains, with gold and oil prices moving downward. The stocks got lowered mainly due to low trading as the bond market and the government offices were closed for Columbus Day Holiday. However, hopes are still there as the third quarter results are yet to receive.