Apple will pay $113 million to settle an investigation by more than 30 states into its past practices of secretly slowing down older iPhones to preserve their battery life, according to The New York Times. The practice of throttling phones was revealed in 2017, confirming customers’ suspicions that their devices slowed once Apple launched new phones.

  • As part of the settlement, Apple was compelled to be more transparent about managing battery life on its devices.
  • Apple said its software slowed down phones with older batteries to prevent them from shutting off unexpectedly.
  • Apple had agreed to pay up to $500 million to affected customers to settle a separate class-action suit. 

Apple stock is currently declining. AAPL: NASDAQ is down 0.45% on premarket