The US Federal Trade Commission sued Amazon.com Inc. in a long-anticipated antitrust case, accusing the e-commerce giant of monopolizing online marketplace...
The suit is the fourth the agency has filed this year targeting Amazon, underscoring the determination of the Biden administration to put the growing concentration of corporate power, especially among Big Tech companies, at the heart of economic policy.said it will challenge the FTC’s lawsuit in court, adding that it “radically” departs from the agency’s mission of protecting consumers and is “wrong on the facts and the law.
The FTC and a bipartisan slate of states claim Amazon engaged in anticompetitive conduct in two markets — the market for these online superstores that serve consumers and the separate market for sellers.Amazon shares were down 3.2% at $127.07 at 12:07 p.m. in New York, little changed from before the lawsuit was made public.Texas was not among the 17 states that joined the complaint.
The FTC, which has both antitrust and consumer protection mandates, has been investigating Amazon for potential anticompetitive conduct for several years, asking questions about everything from the company’s marketplace and Prime subscription service to mergers and its cloud computing arm. Top executives met with the FTC’s three commissioners in August to discuss the suit, though no settlement was discussed, according to people familiar with the meetings.
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