🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Amazon.com set to meet with US FTC ahead of potential antitrust lawsuit -source

Published 08/07/2023, 01:27 PM
Updated 08/07/2023, 03:25 PM
© Reuters. FILE PHOTO: The logo of Amazon is seen at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 15, 2023. REUTERS/Gonzalo Fuentes/File Photo
GOOGL
-
AAPL
-
AMZN
-
META
-
GOOG
-

By David Shepardson and Diane Bartz

WASHINGTON (Reuters) -Amazon.com is set to meet next week with the U.S. Federal Trade Commission (FTC) ahead of a potential long-awaited antitrust lawsuit against the retailer, according to a source familiar with the matter.

The FTC began probing Amazon (NASDAQ:AMZN) during former President Donald Trump's administration when the government decided to investigate Amazon, Google, Faceboook and Apple (NASDAQ:AAPL) for allegedly breaking antitrust law. The company has been criticized for allegedly favoring its own products and disfavoring outside sellers on its platform, among other allegations. Amazon has denied wrongdoing.

Amazon is expected to argue at the meetings with the commissioners that the FTC should not file an antitrust suit against the company, a separate source said. The FTC typically holds meetings with companies after lengthy investigations before deciding whether to file a suit.

The FTC declined comment on the planned meeting.

Before becoming FTC chair, Lina Khan in 2017 wrote a Yale Law Journal article tiled "Amazon's Antitrust Paradox," that argued that the traditional antitrust focus on price was inadequate to identify antitrust harms done by Amazon.

Amazon has faced a range of allegations from a long list of critics, including using third-party data to decide which products to sell, preferencing its goods to the detriment of independent sellers on the Amazon platform and requiring Prime sellers to use Amazon's logistics and delivery services.

Other critics have said Amazon abused its gatekeeper power by refusing to allow big rivals to advertise against its products on the Amazon platform and used below-cost prices on goods and services to keep customers, including on Prime.

The company, with about 1.5 million employees globally, has also been accused of abusing its power on labor and depressing wages.

After the Trump Justice Department and FTC opened probes into Alphabet (NASDAQ:GOOGL)'s Google, Meta's Facebook (NASDAQ:META), Apple and Amazon, a House of Representatives panel released major report that discussed how those companies dominate their industries.

The Justice Department has sued Google twice, once regarding its search business and a second time on advertising technology. The FTC has sued Meta's Facebook. None of those cases has yet gone to trial.

© Reuters. FILE PHOTO: The logo of Amazon is seen at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 15, 2023. REUTERS/Gonzalo Fuentes/File Photo

The FTC in June sued Amazon, accusing it of enrolling millions of consumers into its paid subscription Amazon Prime service without their consent and making it hard for them to cancel. Amazon called the FTC's claims "false on the facts and the law."

The FTC on May 31 announced a $5.8 million settlement with Amazon's Ring doorbell camera unit after the agency said cameras had been used for spying on some customers. Amazon also agreed in May agreed to pay $25 million to settle FTC allegations it violated children's privacy rights by failing to delete Alexa virtual assistant recordings at the request of parents and keeping them longer than necessary.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.