🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Stocks

Google loses antitrust case over search dominance

Published 08/05/2024, 03:32 PM
Updated 08/05/2024, 04:40 PM
© Reuters
GOOGL
-

(Updates with reply from Google in fifth paragraph)

Investing.com -- Alphabet's Google lost its legal battle against Department of Justice after a U.S. Federal Judge ruled Monday that the internet search engine illegally maintained a monopoly in the online search and text advertising markets. 

“Google is a monopolist, and it has acted as one to maintain its monopoly,” Judge Amit Mehta in Washington ruled on Monday.

The judge concluded that Google has "violated Section 2 of the Sherman Act by maintaining its monopoly in two product markets in the United States general search services and general text advertising-through its exclusive distribution agreements."

The ruling, which can be appealed, marked a major win for the DoJ, who had argued that Google's agreements with companies including Apple (NASDAQ:AAPL) and others to make Google search default search engine on smartphones violated antitrust laws. 

Google said in an emailed response to Investing.com that it plans to appeal the decision. 

The DoJ didn't immediately respond to Investing.com's request for comment.

Alphabet Inc Class A (NASDAQ:GOOGL) closed 4.5% lower on Monday.

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.