The FTC accuses Amazon of 'monopolistic practices' in long-expected antitrust suit2023-09-26 15:08 by DanielaTags: FTC, Amazon
The Federal Trade Commission and more than a dozen state attorneys general have filed a sweeping antitrust lawsuit against Amazon, alleging that the e-commerce giant has unlawfully leveraged its market dominance to stamp out would-be competitors. The FTC accuses the online retailer of monopolistic practices, including preventing merchants from offering lower prices on other platforms and forcing them to use Amazon's logistics service if they wanted to be included in customers' Prime shipping perks. Those anticompetitive practices allegedly led to higher prices and an inferior shopping experience. "Our complaint lays out how Amazon has used a set of punitive and coercive tactics to unlawfully maintain its monopolies," FTC Chair Lina Khan said in a statement Tuesday. "The complaint sets forth detailed allegations noting how Amazon is now exploiting its monopoly power to enrich itself while raising prices and degrading service for the tens of millions of American families who shop on its platform and the hundreds of thousands of businesses that rely on Amazon to reach them." Seattle-based Amazon.com Inc. said the FTC is "wrong on the facts and the law" and had departed from its role of protecting consumers and competition. "If the FTC gets its way, the result would be fewer products to choose from, higher prices, slower deliveries for consumers, and reduced options for small businesses - the opposite of what antitrust law is designed to do," Amazon General Counsel David Zapolsky said in a prepared statement. Read more -here-
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