19:08:25 EDT Thu 18 Jul 2024
Enter Symbol
or Name

Amazon.com CDRs (CAD Hedged)
Symbol AMZN
Shares Issued 17,950,000
Close 2023-09-27 C$ 15.23
Market Cap C$ 273,378,500
Recent Sedar Documents

FP/wire say U.S. accuses Amazon of running monopoly

2023-09-28 09:39 ET - In the News

The Financial Post reports in its Thursday edition that the U.S. Federal Trade Commission on Tuesday sued Amazon in a long-anticipated antitrust case, accusing the e-commerce giant of monopolizing on-line marketplace services by degrading quality for shoppers and overcharging sellers. A Bloomberg dispatch to the Post says that in a complaint filed in Federal Court in Seattle, the FTC and 17 states accused Amazon of engaging in a course of conduct to exclude rivals in on-line marketplace services and stifle competition. The company is also accused of illegally forcing sellers on its platform to use its logistics and delivery services in exchange for prominent placement and of punishing merchants who offer lower prices on competing sites. "Amazon is a monopolist and it is exploiting its monopolies in ways that leave shoppers and sellers paying more for worse service," FTC chair Lina Khan said in a briefing with reporters. "There is immediate harm. ... Sellers are paying $1 of every $2 to Amazon." The suit is the fourth the agency has filed this year targeting Amazon, underscoring the determination of the Biden administration to curb the growing concentration of corporate power, especially among Big Tech companies.

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