The proposed settlement was detailed in February, but needed approval before it could move forward.
The settlement details appear identical to the proposal. Any amount less than $30 will be paid via an iTunes credit. Anything greater than $30 will be refunded with a cash payout.
A lawsuit filed in April of 2011 accused Apple of "exploiting children" by making it too easy to make in-app purchases sans an iTunes password (something that was changed in iOS 4.3).
Parents have until Jan. 13, 2014, to make their claims. The maximum refund that parents can expect to receive is the total amount charged within a single 45-day period without their permission.
"Bait apps" and the huge amounts some parents were responsible for because so famous that spoof news site NMA News reported on it in their typically humorous way.
Despite the changes to iOS, a recent story shows that parents need to keep a close eye on their kids. In March, five-year-old Danny Kitchen, a U.K. youngster, racked up £1,700 ($2,550) in in-app purchases in 15 minutes.