Also, those claiming $30 or more from Apple may choose to receive a cash refund instead of an iTunes store credit, according to the filing.
The lawsuit, filed by five parents in 2011, involved allegations surrounding purchases in certain downloaded apps, which plaintiffs claim were made by children without the knowledge or permission of the account holder.
The lawsuit also alleged that "Apple failed to adequately disclose that third-party Game Apps, largely available for free and rated as containing content suitable for children, contained the ability to make In-App Purchases."
The proposed settlement requires court approval. The court will hear the settlement on March 1.
Apple could not immediately be reached for comment by Reuters outside of regular U.S. business hours.
The case is in re: Apple In-App purchase litigation, Case No. 11-01758, U.S. District Court, Northern District of California.