The Department of Justice (DOJ) has taken action against tech giant Apple, Inc., filing an anti-trust lawsuit on Thursday. This lawsuit targets Apple’s alleged monopoly in the smartphone marketplace.
Apple, headquartered in Cupertino, California, reported net revenues of $383 billion last year. Its net income of $97 billion, reinforces its status as the most profitable company in the Fortune 500. The tech giant wields an immense economic influence.
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Anti-Trust Lawsuit
Jonathan Kanter, assistant attorney general for the antitrust division, claims that Apple changed their contract rules and restrictions to increase prices and fees higher.
“For years, Apple responded to competitive threats by imposing a series of ‘Whac-A-Mole’ contractual rules and restrictions that have allowed Apple to extract higher prices from consumers, impose higher fees on developers and creators, and to throttle competitive alternatives from rival technologies,” Kanter explained.
