TECH - Apple Settles Lawsuit Tied To iTunes Gift Card Scam | Benzinga
Apple Inc (NASDAQ:AAPL) has agreed to a settlement in a lawsuit alleging the company’s involvement in scams utilizing its gift cards and withholding stolen funds.
What Happened: Apple and the plaintiffs have come to a settlement agreement through mediation. The formal settlement document is presently in the works and is set to be submitted for preliminary approval to U.S. District Judge Edward Davila, according to a Reuters report.
The scam in question involved con artists persuading victims to buy App Store and iTunes gift cards or Apple Store gift cards to pay for taxes, bills, bail, and debt collection. Despite warnings on the cards against sharing codes with others, victims were instructed to provide the gift card codes. Apple allegedly transferred only 70% of the stolen funds into the scammers’ accounts, keeping 30% as a “commission” for converting the stolen codes into cash. The lawsuit claims that victims lost “hundreds of millions of dollars” in the scam.
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