<p>A $53 million settlement may vindicate some iPhone owners who say Apple failed to honor its product warranties for certain repairs to its popular smart phones.</p><p>A document that appears to be a settlement signed by Apple chief litigation counsel Noreen Krall on April 10 was first reported by Wired Magazine.</p><p>The settlement is related to an indicator in Apple iPhones that show if a product has been damaged by water.</p><p>According to the document, "liquid contact indicator" is the name Apple used from Dec. 22, 2009 to describe a water contact indicator tape it purchased from the 3M Company and installed in iPhone 3G and iPhone 3GS.</p><p><a href="http://abcnews.go.com/blogs/technology/2013/04/apple-mum-about-reported-iphone-water-damage-settlement/">Keep reading...</a></p>