Credit: Reuters/Robert Galbraith
Apple Inc CEO Tim Cook speaks about the new iPad Air during an Apple event in San Francisco, California October 22, 2013.
Under the terms of the settlement, announced on Wednesday by the Federal Trade Commission, Apple also will be required to change its billing practices to ensure it has obtained consent from consumers before charging for items sold in mobile apps.
In an internal memo to employees, Apple CEO Tim Cook explained that the company decided to settle rather than risk a long and distracting legal battle, because the FTC's proposals aligned with the company's own intended changes.
(Reporting by Ros Krasny and Edwin Chan. Editing by Andre Grenon)
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