Apple agrees to settlement of up to $500 million from lawsuit alleging it throttled older phones

Apple agrees to settlement of up to $500 million from lawsuit alleging it throttled older phones Apple Inc. has agreed to pay a settlement of up to $500 million, following a lawsuit accusing the company of intentionally slowing down the performance of older phones to encourage customers to buy newer models or fresh batteries. The preliminary proposed class action lawsuit was disclosed Friday night and would see Apple pay consumers $25 per-phone, as reported by Reuters.

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