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The ruling keeps the rate at 9.1 cents per song.
Apple Inc. had threatened to shutter its iTunes store if an increase in the rate jeopardized its profitability based on a price of 99 cents per song.
The board also set a new rate of 24 cents for each ringtone.
The decision, which was not immediately made public, was confirmed by the National Music Publishers' Association, which represented songwriters in the case.