Apple will pay up to $500M to settle lawsuit over slowing down older iPhones

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CUPERTINO, Calif. (CNN) – If you had an iPhone 6 or 7 before 2018, you could get some money back from Apple.

The company is settling a class action lawsuit, claiming it slowed down these iPhone models on purpose to make users think they needed newer, faster phones.

Under the deal, owners of certain iPhone models will be entitled to $25 per device. That number could go up or down, depending on how many claims are filed.

The payout is expected to cost Apple up to half-a-billion dollars.

Apple admitted in 2017 its software update did slow down older phones, but the company insisted it was to stop a battery problem that caused the phones to shut down.

Apple started offering to replace those batteries for $79 a pop, which was later reduced to $29.

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