Apple Inc. (NASDAQ:AAPL) has agreed to a $250 million settlement over allegations that it misled consumers about Apple Intelligence capabilities, and eligible iPhone buyers can now submit claims for payments of up to $95.
Why Is Apple Paying $250 Million
The class-action lawsuit accused Apple of advertising AI-powered features, particularly an upgraded Siri assistant, that were unavailable when the company promoted its iPhone 16 lineup in 2024.
Plaintiffs alleged that millions of consumers purchased or upgraded their devices based on promises of advanced AI capabilities that did not exist at the time.
Apple denied wrongdoing but agreed to settle.
Who Qualifies for the Apple Settlement
Consumers may qualify if they purchased an iPhone 15 Pro, iPhone 15 Pro Max or any iPhone 16 model between June 10, 2024, and March 29, 2025.
The purchase must have been made in the U.S. by a U.S. resident. Only original owners who bought devices for personal or business use, rather than resale, are eligible.
How to File a Claim and Get Paid
Eligible consumers can receive $25 per device, subject to a maximum payment of $95. Actual payouts may vary depending on the number of valid claims.
Submit claims by Dec. 21, 2026, at smartphoneaisettlement.com. Applicants must provide their contact information and device serial number and submit separate forms for each eligible iPhone.
Payments can be issued through checks, direct deposits, PayPal or Venmo.
The court is scheduled to consider final approval on Feb. 24, 2027. Payments will follow final approval.
Apple Beats Q4 Estimates, Forecasts Record Revenue
Meanwhile, on Monday, Apple reported fiscal fourth-quarter revenue of $114.48 billion, surpassing analyst expectations of $113.39 billion.
The Cupertino-based tech giant also posted earnings of $2.10 per share, beating the consensus estimate of $1.98.
Apple forecast fiscal first-quarter 2027 revenue growth of 7% to 10% year over year, potentially making it the strongest quarter in the company’s history.
Price Action: On Monday, Apple shares closed at $338.32 on Monday, down 1.83%. In after-hours trading, shares fell 2.81% to $328.81, according to Benzinga Pro.
According to Benzinga Edge Rankings, Apple stock ranks in the 97th percentile for Quality and the 44th percentile for Growth.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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