Apple Lawsuits: SEC Filing Indicates Tech Giant’s Plan To Settle iPhone Dispute
U.S. tech giant Apple is reportedly planning to settle the iPhone lawsuit issue that hit the company last year, as indicated in its latest filing with the Securities and Exchange Commission (SEC).
According to Business Insider, the Cupertino-based company's most recent SEC filing implied that it will put a positive end to the iPhone lawsuits that it was hit within 2018. In its filing, the company said it has "accrued its best estimate for the ultimate resolution."
Aside from noting that the tech giant will resolve the issue by paying settlement fees, Apple also reiterated that the iPhones in question underperformed. "Apple believes that its iPhones were not defective, that the performance management feature introduced with iOS updates 10.2.1 and 11.2 was intended to, and did improve customers' user experience..."
Apple added that it did not provide misleading statements to consumers and the company disclosed all material information needed to ensure buyers that the iPhones in question worked fine.
Over the past few years, some users complained that Apple's software updates slowed down their iPhones. Prominent software maker Geekbench unveiled data that indicated some software updates implemented by Apple appeared to slow down iPhone processors. The analysis went viral and ignited criticism among users.
Lawsuits followed and the Department of Justice (DOJ) and SEC joined hands to investigate the matter. At that time, Apple insisted that the iPhone slowdown was caused by aging batteries. The tech company also explained that software updates were necessary to prevent older iPhones from experiencing a shutdown.
When the lawsuits started coming, Apple offered battery replacement discounts to a number of iPhone users. 11 million batteries were replaced last year. The figures are a huge jump from expected the expected yearly replacement quota of only 1 to 2 million in a year.
It is unclear how much money Apple has set aside for the lawsuits issue. However, the company noted that it will not stop responding to investigation requests from the government.
Meanwhile, Apple has unveiled a revamped version of its iPhone X through the Apple Store on Monday. According to Apple Insider, the improved smartphone's price tag starts at $769. The outlet noted that the iPhone X can be found in the store's refurbished section.
Buyers will get almost the same items as a brand new Apple iPhone X kit has to offer. Both the battery and outer shell are new, as well as the white box. Finally, a one-year warranty will be given to interested consumers.
The refurbished model is seen as one of Apple's strategies in regaining momentum in global markets, especially after it was confirmed that the American smartphone brand saw a decline in demand in Asian markets.