Apple will pay up to $500 million in a class action settlement, ending a lawsuit in which the Cupertino company claimed that older iPhones slowed down when new models were released each year

Customers had claimed that installing Apple's software updates, or new iOS editions, each year would degrade the performance of their iPhones Therefore, he believed that his iPhone, which was only less than three years old, needed a new battery or a complete replacement

The preliminary settlement still requires approval by a federal district court judge in California before a qualified iPhone owner can file a claim

Currently, the settlement calls for Apple to pay $25 per iPhone, which could be adjusted depending on the total number of eligible iPhones Apple must also make a minimum payment of $310 million

The settlement is available to US customers using an iPhone 6, iPhone 6 Plus, iPhone 6s, iPhone 6s Plus, iPhone 7, iPhone 7 Plus, or iPhone SE running iOS 1021 or later

In response to complaints of slow iPhone operation, Apple adjusted the price of replacement batteries from $79 to $29 However, the company denies any cheating or what some call "throttling" of older iPhones, blaming alternative factors such as temperature changes on performance problems

According to Reuters, consumer lawyers described the settlement as "fair, reasonable, and adequate"

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