Apple reportedly agrees to $500 million settlement for slowing old iPhones

Apple might soon owe you some money.

The company has reportedly agreed to pay up to $500 million settling a lawsuit after facing accusations of intentionally slowing down older iPhones to get customers to buy new devices or batteries, Reuters reports. The settlement will need to be approved by a judge, but it would involve Apple paying $25 per iPhone, and a minimum of $310 million.

Apple has acknowledged it slowed down older iPhone models, saying this was to prevent the devices from unexpectedly shutting down. But, as The Verge explains, Apple initially "didn't reveal the feature's existence, leading people to believe their phones were simply slowing down from age." Apple users who brought lawsuits said they wouldn't have purchased new iPhones if they were aware of this, The Verge notes, and more than 60 proposed class action lawsuits were filed between December 2017 and June 2018, Bloomberg Law reports.

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In 2017, Apple apologized for the "misunderstanding," saying, "We know that some of you feel Apple has let you down." Apple also introduced the option to turn off the throttling feature, The Wrap reports.

The proposed settlement, according to Reuters, covers users in the United States of the iPhone 6, 6 Plus, 6s, 6s Plus, 7, 7Plus or SE running iOS 10.2.1 or later, as well as of the iPhone 7 and 7 Plus devices running iOS 11.2 or later prior to Dec. 21, 2017. According to Reuters, court papers indicate that Apple "settled the nationwide case to avoid the burdens and costs of litigation," but it denies wrongdoing.