Apparently, the "you're holding it wrong defense" didn't work as well as Apple had hoped. The company has agreed to settle a class-action lawsuit and will give US iPhone 4 buyers their choice of $15 or a bumper case.

The suit was originally filed in 2010 and alleged that "the case and antenna design has led to a substantial degradation in signal quality and dropped calls when the phone is used in a normal and foreseeable fashion by users."

Customers that purchased an iPhone 4 will be able to redeem their payout from www.iPhone4Settlement.com when the site goes live. Apple will also alert affected customers via email by April 30th. Anyone that bought an iPhone 4 before Friday should be eligible though There's no word if that applies to customers who have already accepted a free case from Apple. [PC World - The Verge]