Apple and plaintiffs agreed on a material settlement for a lawsuit that accused Apple of allowing scammers to exploit its gift cards and retain stolen funds. The settlement will be presented to U.S. District Judge Edward Davila for preliminary approval. The lawsuit claims that victims lost millions of dollars when scammers persuaded them to buy iTunes gift cards, apple gift cards, and App Store gift cards to cover taxes, debts, and other expenses, only to then have the money stolen after sharing the codes with the scammers. Apple would then pay out 70% of the cards’ value to the scammers while keeping 30% as a fee for converting the gift card codes into dollar amounts.
