19:06:39 EDT Sat 25 May 2024
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Apple CDR (CAD Hedged)
Symbol AAPL
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Close 2024-03-21 C$ 25.40
Market Cap C$ 229,870,000
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NP/AP say DOJ, others sue Apple over iPhone monopoly

2024-03-22 08:08 ET - In the News

The National Post reports in its Friday edition that the U.S. Department of Justice on Thursday announced a sweeping antitrust lawsuit against Apple, accusing the tech giant of engineering an illegal monopoly in smartphones that boxes out competitors and stifles innovation. An Associated Press dispatch to the Post reports that the lawsuit, filed in federal court in New Jersey, alleges that Apple has monopoly power in the smartphone market and uses its control over the iPhone to "engage in a broad, sustained and illegal course of conduct." The lawsuit -- which was also filed with 16 state attorneys general -- is the latest example of the Justice Department's approach to aggressive enforcement of federal antitrust law that officials say is aimed at ensuring a fair and competitive market, even as it has lost some significant anticompetition cases. Apple called the lawsuit "wrong on the facts and the law" and said it "will vigorously defend against it." Apple said the lawsuit, if successful, would "hinder" its ability to create the kind of technology people expect from it. Apple said a successful lawsuit would "set a dangerous precedent, empowering government to take a heavy hand in designing people's technology."

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