Epic Games' Cravath team wins fees in Apple contempt ruling
A federal judge's contempt ruling against
Apple
has created a major new legal headache for the iPhone maker, and also requires it to write a check to its adversary in the case: "Fortnite" maker
Epic Games
.
U.S. District Judge Yvonne Gonzalez Rogers on Wednesday found Apple willfully violated an injunction she issued in Epic's 2020 lawsuit that was meant to open up the company's App Store to greater competition.
The decision immediately bars Apple from restricting App Store customers' use of third-party payment systems. The judge held Apple in civil contempt and referred the case to federal prosecutors to probe whether Apple was in criminal contempt of court.
Apple said it disputed the ruling and will appeal.
As a sanction, Gonzalez Rogers also said Apple must pay legal fees to Epic's legal team, led by Cravath, Swaine & Moore, for the many months the lawyers spent fighting Apple for information about its compliance with the earlier injunction.
Epic's team at Cravath was led by partners Gary Bornstein, Yonatan Even, Lauren Moskowitz and Michael Zaken.
Bornstein declined to discuss the size of the Epic's legal tab on a call with reporters. The fee sanction could be in the tens of millions of dollars, based on the number of lawyers working for Epic, and the all-out battle that was waged over trying to pry information from Apple.
Some Cravath litigation partners, including Moskowitz, have billed this year at $2,360 an hour, according to a Reuters review of U.S. court filings.
"Epic's obviously not out here for fees," Epic Games chief executive Tim Sweeney told reporters. "We're fighting for the freedom of ourselves and all developers to do business directly with our customers, freedom from Apple interference and Apple taxation."
Apple is represented by a team from Weil Gotshal led by Mark Perry. Lawyers from Gibson Dunn also represented Apple, which has denied violating the court's injunction.
The court's order faulted Apple's lawyers, without naming them, for not correcting what the judge called "obvious lies" in testimony by an Apple executive.
Two of Apple's chief lawyers in the Epic case did not immediately respond to requests for comment.
Gonzalez Rogers' order also addressed a separate bid from Apple to recoup more than $73 million in legal fees from Epic for violating the App Store's developer agreement.
The court's ruling suggested Apple will not recover that much but is due some fees from Epic. Epic's legal team predicted any award would concern only a "small amount."
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Economic Times
20 minutes ago
- Economic Times
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XRP price prediction: Can XRP reach $4.50 as Teucrium ETF crosses $284M? XRP is back under the microscope as the price flirts with the $3 mark once again. After briefly surging above $3 on July 14—for the first time since March—the token has since corrected and is trading at $2.91 as of 1:17 p.m. UTC on July 15, down 1.60% on the day. ADVERTISEMENT Even with the dip, momentum remains in favor of the bulls, thanks to strong institutional demand, a bullish crossover on key moving averages, and a breakout in the XRP/ETH ratio. Investors are now watching closely to see if XRP can push to $4.50, a level supported by recent technical signals and ETF inflows. XRP price slipped by 3.2% today, falling below the key $2.91 level and currently hovering around $2.87. This drop comes after XRP briefly crossed $3 for the first time since March, following a strong seven-day rally from $2.24. The pullback is largely attributed to broader market weakness and short-term profit-taking. 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The Average Directional Index (ADX) is also sloping upward, confirming the strength of the trend that recently pushed XRP from $2.24 to $3 in just seven days. ADVERTISEMENT For the bullish case to hold, however, XRP must break through the resistance zone between $3.05 and $3.16. Without a close above that area, buying pressure could stall in the short term. Another key factor behind XRP's current momentum is the XRP/ETH ratio, which recently broke out of a two-month consolidation range, according to chart data from TradingView. When this ratio climbs, it shows XRP is outperforming Ethereum—an important signal for market strength. ADVERTISEMENT This move comes alongside increasing interest from institutional investors. The Teucrium XXRP ETF, launched just four months ago, has now amassed over $284 million in assets under management. That kind of capital flow is significant, as it reflects large-scale investor confidence. Additionally, XRP futures trading on the CME saw a $1.3 million increase in volume last week, showing continued appetite for exposure from professional traders and institutions. ADVERTISEMENT These developments suggest that the market may be entering a new phase where institutional inflows and outperforming ratios could keep XRP bullish longer than previously expected. In the short term, XRP remains bullish, but only if it can hold key support levels and break past resistance. ADVERTISEMENT Short-term bullish scenario: Support holds above $2.75, and XRP breaks above $3.16, triggering technical buying. Momentum continues as ETF demand drives interest. Price pushes toward $4.50, the 161.8% Fibonacci extension. Short-term bearish scenario: XRP fails to close above $3.16 and falls back below $2.75. Institutional buying slows, and broader crypto market remains uncertain. Price revisits $2.50 or even lower to $2.24 support zone. 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(You can now subscribe to our Economic Times WhatsApp channel) (Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates. NEXT STORY
Time of India
31 minutes ago
- Time of India
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Mint
42 minutes ago
- Mint
Apple commits $500 million for rare-earth magnets from US supplier
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