European Consumer Lobby Group Joins EU Antitrust Lawsuit Versus Apple

  • The European Consumer Organization (BEUC) lobby group supported the European Union’s antitrust case against Apple Inc AAPL for alleged distortion of competition in the music streaming market, Reuters reports based on BEUC publication.
  • The antitrust lawsuit followed Spotify Technology SA’s SPOT initial complaint against the iPhone maker in April 2021.
  • Apple has refuted the allegations and credited its App Store for Spotify’s success. Apple has 12 weeks to respond.
  • BEUC’s joining as an interested third party in the antitrust regulator’s case could lead to a penalty of up to 10% of Apple’s global turnover and force a change to its business practices.
  • BEUC acknowledged its joint efforts with the E.U. to ensure the access of a full range of music streaming services to the European customers without any unfair restriction or artificially inflated prices.
  • Price action: AAPL shares traded lower by 0.02% at $124.26 on the last check Wednesday.
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