ipod-touch-settleApple might be sitting pretty atop a pile of cash at this point in time, but this does not mean their fat pockets are easy pickings by disgruntled customers as well as rival corporations. In fact, Apple recently filed a $53 million preliminary class settlement agreement in the U.S. District Court in San Francisco, which would allow $200 refunds to iPhone and iPod touch customers who laid claim that their respective devices were supposed to be covered under warranties in the event of a product failure or malfunction, but due to liquid indicators in their devices, this was not the case.

A bunch of four class representatives were obviously not too happy concerning Apple’s liquid damage policy before December 31, 2009, where Apple would deny coverage under the standard warranty and purchased AppleCare Protection Plan for an iPhone whose headphone jack or dock connector turned out to be pink or red which pointed to water contact, with the iPod touch following suit before June 30, 2010. Well, it seems that all’s well that ends well, as according to Jeffrey Fazio, an attorney who represented half of the four class representatives, cited that judicial approval should be coming within the coming month, saying, “They’re both delighted, as are we. We think it’s a very good settlement. We think people will get real money and real relief.” With billions stashed away, $53 million is but a drop in the bucket.

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