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Apple to pay $500 million in slow iPhone settlement: Are you eligible?

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Apple will pay up to $500 million in a class-action settlement, ending litigation that accused the Cupertino company of slowing down older iPhones when it releases new models every year.

Customers argued their iPhone's performance declined after installing annual Apple software updates, or new iOS editions. This made them believe their phones, some of which were less than 3 years old, required new batteries or replacements entirely.

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The preliminary settlement still needs approval by a U.S. District Judge in California before eligible iPhone owners can file a claim.

As it currently stands, the settlement requires Apple to pay out $25 per iPhone, although that could be adjusted based on how many total iPhones are eligible. Apple must also fulfill a minimum payout of $310 million.

Slow iPhone settlement: Which devices are covered?

The settlement spans U.S. customers with the iPhone 6, iPhone 6 Plus, iPhone 6s, iPhone 6s Plus, iPhone 7, iPhone 7 Plus or iPhone SE that ran the iOS 10.2.1 or later operating system.

Following complaints concerning slow iPhones, Apple adjusted the price for replacement batteries to $29 from $79. But the company denied any wrongdoing, or what some call "throttling" of older iPhones, blaming alternative elements like temperature changes to performance issues.

According to Reuters, lawyers for the consumers described the settlement as "fair, reasonable, and adequate."

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Kate Kozuch is a senior writer at Tom's Guide covering wearables, TVs and everything smart-home related. When she's not in cyborg mode, you can find her on an exercise bike or channeling her inner celebrity chef. She and her robot army will rule the world one day, but until then, reach her at kate.kozuch@futurenet.com.