Apple to pay up to $500 million to settle lawsuit over slow iPhones

Apple Inc has agreed to pay up to $500 million to settle litigation accusing it of quietly slowing down older iPhones as it launched new models, to induce owners to buy replacement phones or batteries. The preliminary proposed class-action settlement was disclosed on Friday night and requires approval by US District Judge Edward Davila in San Jose, California.
 
It calls for Apple to pay consumers $25 per iPhone, which may be adjusted up or down depending on how many iPhones are eligible, with a minimum total payout of $310 million.
 
Apple denied wrongdoing and settled the nationwide case