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Benzinga
Benzinga
Politics
Anusuya Lahiri

Global Regulators Continue To Penalize Big Tech Over Antitrust Concerns

Apple Google Nasdaq United States AAPL Alphabet Inc
  • The Paris Commercial Court penalized Alphabet Inc’s (NASDAQ: GOOG) (NASDAQ: GOOGL) Google by €2 million ($2.2 million) over abusive practices toward its app store developers, Bloomberg reports.
  • The Court ordered Google to change seven clauses from its contracts dating back to 2015 and 2016, including a 30% commission on developer revenue on the Google Play Store.
  • The French Ministry of Finance prosecuted Google and Apple Inc (NASDAQ:AAPL) in 2018 for imposing a significant imbalance in the rights and obligations of app developers.
  • Google expressed its disappointment in the decision citing decreasing its service fees to 15% or less for 99% of developers.
  • A Dutch class-action lawsuit could exact up to €5 billion ($5.5 billion) damages from Apple, Bloomberg reports.
  • The Consumer Competition Claims Foundation alleged Apple of exploiting its monopoly position with its 30% fee for every sale from app developers, forcing them to hike prices.
  • Apple faced a similar lawsuit in London in 2021 as it battled the Epic Games Inc lawsuit in the U.S. for alleged monopolization of its app distribution marketplace.
  • The Dutch antitrust authority recently penalized Apple €50 million in a dispute over payment systems for dating applications.
  • Price Action: AAPL shares traded higher by 1.37% at $178 on the last check Tuesday.
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