Nordic Firm Slaps $2.4B Antitrust Case Against Google

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  • Nordic price comparison provider PriceRunner AB sued Alphabet Inc’s GOOG GOOGL Google for ~22 billion kronor ($2.4 billion) at Sweden’s patent and market court, Bloomberg reports.
  • The lawsuit follows the conclusion of a legal ruling in the European Union.
  • The ruling established Google has breached antitrust laws by manipulating search results in favor of its comparison-shopping services.
  • “This is also a matter of survival for many European entrepreneurial companies and job opportunities within tech,” the report quoted Mikael Lindahl, CEO of PriceRunner.
  • The Nordic company, which has agreed to be bought by Klarna Bank AB, sees the final damages of the lawsuit as “significantly higher” because the violation is still ongoing.
  • Price Action: GOOGL shares traded higher by 0.42% at $2,878 in the premarket session on the last check Monday.
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