15:07:45 EDT Sat 18 May 2024
Enter Symbol
or Name
USA
CA



Apple CDR (CAD Hedged)
Symbol AAPL
Shares Issued 7,700,000
Close 2024-01-16 C$ 27.26
Market Cap C$ 209,902,000
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Globe/AP say Apple has setback in U.S. Supreme Court

2024-01-17 08:38 ET - In the News

The Globe and Mail reports in its Wednesday edition that the U.S. Supreme Court has allowed a court order to take effect that could loosen Apple's grip on its lucrative iPhone app store, potentially siphoning billions of dollars away from one of the world's most profitable companies. An Associated Press dispatch to The Globe says that the justices rejected Apple's appeal of lower-court rulings that found some of Apple's app store rules for apps purchased on more than one billion iPhones constitute unfair competition under California law. The appeal stemmed from an antitrust lawsuit filed in 2020 by Epic Games, maker of the popular Fortnite video game. Epic lost its broader claim that Apple was violating federal antitrust law, and the justices also rejected Epic's appeal Tuesday. However, in turning away Apple's effort to maintain exclusive control over in-app payments, the court lifted a hold on an order to allow app developers throughout the U.S. to insert links to other payment options besides its own within iPhone apps. That change would make it easier for developers to avoid paying Apple's commissions ranging from 15 to 30 per cent. Those fees have turned into a significant part of Apple's services division.

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