Apple to pay $53M in iPhone, iPod touch warranty lawsuit

According to a report from Wired, Apple (NASDAQ:AAPL) agreed to pay $53 million to settle a class action lawsuit over the company's warranty payments. Wired reported that it obtained a copy of the settlement in the case; plaintiffs accused Apple of failing to pay warranties on faulty phones. Apple admitted no wrongdoing in the case, but agreed to pay around $200 to each of the claims submitted in the case. According to the report, Apple refused to honor warranties if a white indicator label in the phone had turned to red or pink. 3M, which manufactured the indicator label, said that the label could have turned pink due to humidity. Article