- Apple Inc AAPL has been slapped with a massive antitrust class-action lawsuit, accusing the company of illegally profiting from payment card issuers through its Apple Pay policies.
- The class action lawsuit was submitted to the U.S. District Court for the Northern District of California.
- AAPL is reportedly violating federal antitrust law by collecting up to $1 billion annually, according to lawyers at Hagens Berman and Sperling & Slater.
- Also Read: What's Going On With Apple Stock Today
- The iPhone maker "exercises its market power in the device markets by requiring that consumers of its mobile devices also acquire its mobile wallet -- Apple Pay -- and prevents consumers from using competing mobile wallets capable of offering competing tap and pay solutions," according to the complaint by Affinity Credit Union, cited Bloomberg.
- The antitrust violations come two-fold; firstly, Apple has unlawfully linked two of its products – mobile devices and its proprietary mobile wallet – compelling iOS users to use Apple Pay and foreclosing rival tap-and-pay options exclusively.
- Secondly, Apple unlawfully monopolizes the market for tap-and-pay mobile wallets on iOS.
- Price Action: AAPL shares are trading lower by 1.90% at $147.30 on the last check Monday.
- Image by Okan Caliskan from Pixabay
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