Apple Inc.'s (AAPL  ) long-anticipated $500 million "Batterygate" settlement is reportedly set to provide respite to iPhone owners.

What Happened: In 2020, Apple agreed to settle a lawsuit that alleged it had engaged in deceptive practices, described as "one of the largest consumer frauds in history."

The company was accused of covertly throttling the performance of specific iPhone models to address battery and processor issues, a practice that led to widespread user frustration and mistrust.

Last week, the final hurdle to the settlement was cleared as the 9th U.S. Circuit Court of Appeals rejected an appeal by two iPhone owners who objected to the terms. The court's decision has paved the way for eligible iPhone owners to receive compensation, reported The Mercury News.

Around 3 million claims were submitted by iPhone users seeking compensation for their grievances. The estimated payout per claim is approximately $65, with the total settlement between $310 million and $500 million.

The precise amount each claimant will receive hinges on the number of approved claims, which are still undergoing assessment.

While denying any wrongdoing, the report noted that Cupertino has taken the step to settle and end the legal battle, signaling a measure of accountability.

Apple did not immediately respond to Benzinga's request for comments.

Why It's Important: Apple introduced the battery health monitor with the iOS 11.3 update, allowing users to manage performance throttling and mitigate aging battery issues. The measure was implemented in response to the "batterygate" scandal.

However, last week, some iPhone 14 and 14 Pro users were also reportedly experiencing unexpected battery degradation, echoing the infamous controversy from 2017.