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Market News

Apple accused of US smartphone market monopoly

Written By:
Ezra Kaimenyi

Last updated: March 22, 2024 6:57 PM
Published 2024-03-22
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Last updated: March 22, 2024 6:57 PM
Published 2024-03-22
Apple accused of US smartphone market monopoly

The United States Department of Justice has filed an extensive antitrust lawsuit against tech giant Apple, alleging that the company’s app market rules and “monopoly” illegally stifled competition and innovation. The complaint, supported by 16 state attorney generals, was filed in a New Jersey federal court on March 21.

The lawsuit claims that Apple has a monopoly in the smartphone market, which it has used to “force” developers to use its payment system, effectively locking them and users onto its platform. 

The complaint alleges that Apple illegally maintains its monopoly by selectively imposing contractual restrictions and withholding critical access points from developers, undermining apps, products, and services that reduce costs for both consumers and developers.

Attorney General Merrick B. Garland stated, “Consumers should not have to pay higher prices because companies violate the antitrust laws.” He added that the Justice Department aims to restore competition in these vital markets on behalf of the American public.

Deputy Attorney General Lisa Monaco emphasized that “no company is above the law,” reaffirming the government’s commitment to enforcing antitrust laws and advancing economic justice.

The Justice Department seeks equitable relief to hold Apple accountable and ensure it cannot deploy the same “unlawful playbook” in other vital markets. The complaint alleges that Apple’s anticompetitive behavior extends beyond the examples provided and affects various industries. This includes web browsers, video calls, news subscriptions, entertainment, car services, ads, and GPS.

Also Read: Apple Co-founder Wins Legal Battle Against YouTube Over Bitcoin Scam.

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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By Ezra Kaimenyi
Ezra, a seasoned content writer, with three years of blockchain experience from various industry projects, offering adept analysis and latest news

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