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Apple Inc (NASDAQ: AAPL) has been slapped with a massive antitrust class-action lawsuit, accusing the company of illegally profiting from payment card issuers through its Apple Pay policies.
The class action lawsuit was submitted to the U.S. District Court for the Northern District of California.
AAPL is reportedly violating federal antitrust law by collecting up to $1 billion annually, according to lawyers at Hagens Berman and Sperling & Slater.
Also Read: What's Going On With Apple Stock Today
The iPhone maker "exercises its market power in the device markets by requiring that consumers of its mobile devices also acquire its mobile wallet -- Apple Pay -- and prevents consumers from using competing mobile wallets capable of offering competing tap and pay solutions," according to the complaint by Affinity Credit Union, cited Bloomberg.
The antitrust violations come two-fold; firstly, Apple has unlawfully linked two of its products – mobile devices and its proprietary mobile wallet – compelling iOS users to use Apple Pay and foreclosing rival tap-and-pay options exclusively.
Secondly, Apple unlawfully monopolizes the market for tap-and-pay mobile wallets on iOS.
Price Action: AAPL shares are trading lower by 1.90% at $147.30 on the last check Monday.
Image by Okan Caliskan from Pixabay
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