Will This Apple Offer Get Approval?

Apple (NASDAQ:AAPL) has asked a San Diego district judge to approve a settlement it reached with parents of children who made in-app purchases on iOS devices. The settlement compensates all members of the class-action suit filed against the company.

The complaint in the case describes the purchases as virtual supplies, ammunition, fruits and vegetables, cash and other fake “currency” used to play games on mobile devices. Users can pay real money for more fake currency to use in the games, and charge it to their iTunes accounts — or in this case, their parents’.

The agreement requires Apple to send notice of its terms to more than 23 million iTunes account holders, according to a court filing. The notice will also provide instructions for parental controls that can disable the purchases. Under the agreement, class members may choose a $5 credit for Apple’s iTunes store. Alternatively, they can get an iTunes store credit — or a cash refund for those who don’t have an iTunes account — totaling all of their minor child’s purchases within a 45-day period.