According to Reuters, today Apple Inc. (NASDAQ:AAPL) and Google Inc (NASDAQ:GOOGL) and a couple of other tech giants from the Silicon Valley failed to settle the previously filed lawsuit against them regarding hiring each-others employees. According to the source, Judge Lucy Koh, in San Jose, California, stated that the value of the settlement “falls below the range of reasonableness.”
Apple Inc. (NASDAQ:AAPL), Google Inc (NASDAQ:GOOGL), Adobe Systems Incorporated (NASDAQ:ADBE), Intel Corporation (NASDAQ:INTC) and some other companies, were accused in 2011, of setting an agreement between them in order not to hire each-other’s workers. The lawsuit back then claimed that Apple Inc. (NASDAQ:AAPL), Google Inc (NASDAQ:GOOGL), and other companies have agreed to that in order to keep the wages down for several positions that are in demand in the region. The complainants asked for a $3.0 billion, and by the antitrust law, this amount could’ve surged to a whooping $9.0 billion.
Earlier this year, four companies, including Apple Inc. (NASDAQ:AAPL) and Google Inc (NASDAQ:GOOGL) have agreed to settle the case by paying over $324 million.
Taking into account that the combined profits of these companies easily tops the $50 billion mark, it is easy to see, why the settlement was dismissed. However, we should wait and see how this case will end.