iPhone owners could get up to $25 (£19.56) per handset if a California judge approves the settlement.
The smartphone maker and lawyers representing consumers agreed to a deal stemming from Apple’s admission in 2017 that it was slowing down the performance of older devices in order to avoid unexpected shutdowns related to battery fatigue.
The admission saw Apple offering discounted battery replacements at $29 (£22.69).
But customers claimed they had already spent hundreds of dollars on replacing their handsets because Apple did not reveal why their phones were slowing down.
Some consumers in the case said they may not have bought new phones if they had known they could just buy new batteries.
Apple did not admit wrongdoing.
However, as part of the settlement it has agreed it will pay between $310m (£243m) and $500m, including a sum of about $93m (£73m) to lawyers representing iPhone customers.
Consumers who were named in the lawsuit will get up to $3,500 (£2,738) each and the rest will will be distributed to iPhone 6, 6S, 7 and SE owners, given they meet the eligibility requirements related to the operating system they had running.
They must also file claims in order to receive the money – but if too many people file claims the $25 award could see a reduction.