For parents whose tech-savvy kids have spent far too much money on iTunes, there's a silver lining. Or perhaps the lining is green, because Apple has settled a lawsuit over "bait apps": free-of-charge downloadable games that come with a fee for "game currency" (play money or virtual merchandise).

Parents shouldn't get their hopes up just yet, though. The settlement is only for $5, with more possibly more, depending on how much was spent.

As first reported by Law360, Apple's proposed settlement does not acknowledge how many people were affected and also does not state a total amount that Apple may pay out overall.

The proposal does state, however, that Apple will send an email notice to more than 23 million iTunes account-holders who made a Game Currency purchase in one or more Qualified Apps.

According to GigaOM's analysis, the settlement also states that "Apple will offer a $5 iTunes credit to those who claim that a minor bought in-game items without their knowledge or permission. If the amount in question is more than $5, Apple will offer a credit for that amount. If the amount in question is over $30, an Apple user can claim a cash refund."

The settlement largely stems from high-profile cases such as one featured on The Daily Show in December 2011. A child in the family was discovered to be paying hundreds of dollars from Dad's credit card on keeping fish alive for app "Tap Fish." The family later sued Apple.

GigaOM's Kevin C. Tofel was similarly irate and wrote about his step-daughter racking up $375 in credit card bills when she "was understandably confused between virtual goods and real currency for in-app purchases inside a free iPhone application."

Before the settlement can go through, a federal judge will have to give his preliminary approval. This will likely happen, as that is the case in most class action cases, according to GigaOM.

It is likely that after the judge gives his approval, Apple will start making payments in 2014.

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