Alphabet’s Google (NASDAQ:GOOGL) shares gained ground Tuesday, on news the search engine has agreed to pay $700 million and to allow for greater competition in its Play app store, according to the terms of an antitrust settlement with U.S. states and consumers disclosed on Monday in a San Francisco federal court.
Google will pay $630 million into a settlement fund for consumers and $70 million into a fund that will be used by states, according to the settlement, which still requires a judge’s final approval.
The settlement said eligible consumers will receive at least $2.00 and may get additional payments based on their spending on Google Play between Aug. 16, 2016 and Sept. 30, 2023.
All 50 states, the District of Columbia, Puerto Rico and the Virgin Islands, joined the settlement.
Google was accused of overcharging consumers through unlawful restrictions on the distribution of apps on Android devices and unnecessary fees for in-app transactions. It did not admit wrongdoing.
Lead plaintiff Utah and other states announced the settlement in September, but the terms were kept confidential ahead of Google’s related trial with “Fortnite” maker Epic Games. A California federal jury last week agreed with Epic that parts of Google’s app business were anticompetitive.
GOOGL shares progressed $1.39, or 1%, to begin Tuesday trading at $137.19.
