Accuses Tech Giant of Violating Antitrust Laws – Stock ‘Plunge’
The US Department of Justice has filed a lawsuit against Apple, accusing the tech giant of violating antitrust laws, according to a Reuters report.
The lawsuit reportedly accuses the company of illegally monopolizing the smartphone market, restricting rivals from accessing iPhone hardware and software features and limiting users’ ability to switch devices. The lawsuit also claims that the company is using its iconic position in the market to prevent it from developing innovative apps and messaging services, making competing devices less attractive to consumers. It is also accused of blocking competing payment applications from its mobile phones and hindering the development of game streaming applications.
The lawsuit, reportedly filed in federal court, escalates the Joe Biden administration’s antitrust battles against most of the biggest US tech giants. “Consumers should not have to pay higher prices because companies violate antitrust laws,” said Attorney General Merrick Garland. “If it doesn’t change, Apple will simply continue to strengthen its monopoly on smart phones,” he added.
Apple shares slide 3.3%.
