Google's Play Store Class Action Suit Nears Settlement for Antitrust Claims - Will Regulatory Overhang End?

Alphabet Inc GOOG GOOGL Google tentatively settled a class action suit for allegedly violating antitrust norms by its U.S. Play Store by overcharging customers on Tuesday.

The financial terms of the settlement remained disclosed, Reuters reports.

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In the action brought by over 30 U.S. states and representing 21 million consumers, the plaintiffs had claimed that Google's monopoly took a toll on the consumers who could have spent less on apps and had more options.

Parties to the settlement sought to cancel a trial scheduled for November 6, which is subject to approval by the court.

Google is facing similar lawsuits for allegedly generating enormous profit margins from its Play Store through illegal tactics to preserve monopolies in selling Android apps and in-app goods.

Epic Games, which has brought similar claim, is not a party to the proposed Google Play settlement, founder and CEO Tim Sweeney tweeted. Match Group, Inc MTCH has also brought a claim. 

Price Action: GOOG shares traded higher by 0.42% at $137.28 premarket on the last check Wednesday.