When Apple released the iPhone 4, it was the company’s most successful product launch up until that date. A lot lot of consumers, however, were frustrated to find that there were major reception problems, in a scandal which became known as Antennagate. It led to the departure of Apple’s executive in charge of iPhone hardware, though it is even cited in Walter Isaacson’s Steve Jobs bio as an example of when Jobs put design over functionality.

The issue led to a big thumbs down for the device from Consumer Reports.

The whole thing even inspired this, which Apple played at its own press event:

Jobs said at the event, Apple hadn’t figured out its “way around the laws of physics yet.” He recommended iPhone owners install an update, and announced that Apple would give them free cases, and that those who had bought one would get a refund (if they were not from third-parties).

Still, there were a number of lawsuits, which resulted in their consolidation into one class action suit. Now, a settlement has been reached, according to CNET, which reports that those who bought an iPhone 4 will be entitled to $15 in cash or a bumper case from Apple.

More details will emerge at iPhone4Settlement.com in the coming weeks, the report says, though there is nothing at that URL at the moment.