Less Than $1: This Apple iCloud Class Action Settlement Payout May Afford Users Just A Donut

Apple Inc. (NASDAQ: AAPL) iCloud subscribers in the U.S. have started receiving notifications that they would be compensated as part of a $14.8-million class action settlement — but the users will only get less than a dollar.

What Happened: In March, Apple agreed to pay out a $14.8 million class action settlement in a case involving iCloud data storage. 

The payments for that settlement have started getting processed, with users receiving notifications of how much payout they’ll receive, reported Apple Insider. 

However, given the number of iCloud users the settlement applies to, the amount each person will receive is significantly low — just $0.49. 

See Also: How To Buy Apple (AAPL) Shares

The payout applies to users who purchased extra iCloud storage from Sept. 16, 2015, to Jan. 31, 2016. At the time, iCloud storage ranged from $0.99 for 50 GB of cloud space to $10 for 1TB of space. It was reported that most users would get a check for $2.79.

Why It’s Important: There can be variation in payouts as determining factors like duration of the subscription, capacity options and the number of accounts paid for, among others, the report stated. 

The 2019 complaint alleged that Apple breached its iCloud server terms and conditions by storing user data on servers run by Amazon.com (NASDAQ: AMZN), Alphabet Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL) and Microsoft Corporation (NASDAQ: MSFT), instead of its own. 

Though the Cupertino-based tech giant denied the allegation, it agreed to pay the settlement amount.

The question is what else can you buy for less than a dollar other than a donut or a pizza slice?

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