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Globe/NYT say Apple accused of violating antitrust law

2024-03-22 07:51 ET - In the News

See In the News (C-AAPL) Apple CDR (CAD Hedged)

The Globe and Mail reports in its Friday, March 22, edition that the U.S. Department of Justice and 15 states filed a lawsuit against Apple, accusing it of monopolizing the smartphone market, harming smaller rivals and increasing prices. A New York Times dispatch to The Globe reports that Apple has been sued by regulators along with other tech giants such as Alphabet's Google, Meta and Amazon under both the Trump and Biden administrations. Attorney General Merrick Garland said in a statement: "Consumers should not have to pay higher prices because companies violate the antitrust laws. If left unchallenged, Apple will only continue to strengthen its smartphone monopoly." The Justice Department has accused Apple of charging excessively high prices for its iPhones, with prices reaching up to $1,599. Officials claim that the tech giant earns larger profits than any other company in the industry. Additionally, Apple is alleged to charge its business partners, including software developers, credit card companies and even competitors like Google, behind the scenes, ultimately leading to a hike in prices for consumers and further boosting Apple's profits. Apple denies the allegations made by the government.

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