Apple Inc has agreed to pay up to $500 million to settle a previous lawsuit accusing the tech giant of slowing down its older iPhones after launching new models.

Axar.az reports citing Reuters that the preliminary settlement for the proposed class-action lawsuit was disclosed on Friday night and is pending approval from US District Judge Edward Davila in San Jose, California, the report said.

It calls for Apple to compensate iPhone consumers with $25 per iPhone with a minimum total payout of $310 million.

The settlement covers US users of iPhone 6, 6 Plus, 6s, 6s Plus, 7, 7 Plus and SE models that ran iOS 10.2.1 or later along with iPhone 7 and 7 Plus users whose phones ran on iOS 11.2 or later before December 21st, 2017.