apple 53millionApple is practically sitting on a pile of cash, so it would not be too difficult for the fruity company to part with $53 million in order to settle a class action lawsuit that accused the company of failing to honor warranties on not only the iPhone, but also on the iPod touch as well. The settlement is set to be filed in a San Francisco federal court in the weeks ahead, where we could see maybe a few hundred thousand owners of the iPhone and iPod touch gain a small windfall (distributed from the $53 million, of course) after they realized that Apple was not willing to repair or replace their faulty devices despite still being within the one-year standard or a two-year extended warranty from Apple.

Appleā€™s chief litigation counsel Noreen Krall was the one who signed the agreement in the middle of this week, and while the company has agreed to settle the lawsuit, they continued to maintain their innocence in the whole situation, not admitting any wrongdoing in the settlement itself. It is said that the payouts could amount to $200 or less, depending on how many claims were submitted by individual device owners who were affected.

Filed in Apple >Cellphones. Read more about Apple Inc and iPhone. Source: wired

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