DJIA38904.04 307.06
S&P 5005204.34 57.13
NASDAQ16248.52 199.44
Russell 20002060.10 8.70
German DAX18163.94 -238.49
FTSE 1007911.16 -64.73
CAC 408061.31 -90.24
EuroStoxx 505013.35 -57.20
Nikkei 22538992.08 -781.06
Hang Seng16723.92 -1.18
Shanghai Comp3069.30 -5.66
KOSPI2714.21 -27.79
Bloomberg Comm IDX102.90 0.64
WTI Crude-fut91.17 0.01
Brent Crude-fut86.57 1.15
Natural Gas1.79 0.00
Gasoline-fut2.79 -0.01
Gold-fut2345.40 33.50
Silver-fut27.50 0.46
Platinum-fut940.60 -5.50
Palladium-fut1007.40 -23.60
Copper-fut423.60 1.85
Aluminum-spot1815.00 0.00
Coffee-fut212.50 5.75
Soybeans-fut1185.00 5.00
Wheat-fut567.25 11.00
Bitcoin67976.00 304.00
Ethereum USD3328.10 56.27
Litecoin98.71 0.69
Dogecoin0.18 0.00
EUR/USD1.0862 0.0007
USD/JPY151.72 -0.02
GBP/USD1.2678 0.0016
USD/CHF0.9044 -0.0014
USD IDX104.28 0.08
US 10-Yr TR4.4 0.091
GER 10-Yr TR2.406 0.007
UK 10-Yr TR4.064 -0.005
JAP 10-Yr TR0.771 -0.004
Fed Funds5.5 0
SOFR5.32 0

Sub Markets

Topics

Markets  + Economy  + Latest News  + Regulation  | 
DOJ, 16 States Sue Apple Over Antitrust Violations

BREAKING NEWS: DOJ, 16 States Sue Apple Over Antitrust Violations

The U.S. Department of Justice and 16 states launched an antitrust lawsuit against Apple, accusing the firm of abusing its dominant status to drive out competitors and keep consumers loyal to its products.

The lawsuit focuses on charges that Apple prevented smaller companies from accessing the hardware and software in its iPhones, resulting in less options for users.

“Each step in Apple’s course of conduct built and reinforced the moat around its smartphone monopoly,” the complaint filed in the District of New Jersey said.

According to the Justice Department, “Apple undermines apps, products, and services that would otherwise make users less reliant on the iPhone. Apple exercises its monopoly power to extract more money from consumers, developers, content creators, artists, publishers, small businesses, and merchants, among others.”

Due to these limits, the Justice Department claims Apple has been able to stifle innovation in super apps with extensive capabilities, and its iMessage system prevents customers from utilizing cross-platform messaging apps.

The government also accused Apple of abusing its clout to stifle innovation in video game streaming services, non-Apple smartwatches, and third-party digital wallets that allow consumers to tap-to-pay.

This is the Justice Department’s third lawsuit against Apple for antitrust breaches in the last two decades. European regulators have also targeted the business for anticompetitive activity, including allegations of locking out competitors with its music streaming service.

Connect

Inside The Story

U.S. Department of Justice

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

New call-to-action