US DOJ sues Apple over iPhone antitrust issues

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The US Justice Department and 16 state and district Attorneys General filed an antitrust suit against Apple (AAPL), accusing the tech giant of violating antitrust laws with both its hardware and software. The suit alleges Apple has a monopoly in the smartphone market and uses its position in a way that harms consumers, developers, and competition. The suit alleges that Apple met "competitive threats by imposing a series of shapeshifting rules and restrictions in its App Store guidelines and developer agreements that would allow Apple to extract higher fees, thwart innovation, offer a less secure or degraded user experience, and throttle competitive alternatives." For its part, Apple says "This lawsuit threatens who we are and the principles that set Apple products apart in fiercely competitive markets. If successful, it would hinder our ability to create the kind of technology people expect from Apple... We believe this lawsuit is wrong on the facts and the law, and we will vigorously defend against it.” Yahoo Finance's Seana Smith, Brad Smith, and Alexis Keenan report the breaking details. About Yahoo Finance: Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life. - Get the latest news and data at finance.yahoo.com - Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO) - Follow

Published 2024-03-21 · Watch on YouTube ↗
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