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

States ask U.S. court to reinstate Facebook antitrust lawsuit

Published 01/14/2022, 03:42 PM
Updated 01/14/2022, 06:55 PM
© Reuters. FILE PHOTO: A 3D printed Facebook's new rebrand logo Meta and Facebook logo are placed on laptop keyboard in this illustration taken on November 2, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
GOOGL
-
META
-
GOOG
-

WASHINGTON (Reuters) -Dozens of states led by New York asked a U.S. federal appeals court on Friday to reinstate an antitrust lawsuit filed against Facebook (NASDAQ:FB).

"Facebook is a monopolist that has exploited its immense market power to crush competition. Through an ongoing course of conduct to 'buy or bury' nascent competitors, Facebook has maintained a monopoly that harms its users and the public at large," wrote lawyers for New York and other states in a filing to the U.S. Court of Appeals for the District of Columbia.

Facebook owner Meta Platforms Inc said the states were wrong to ask for the district court dismissal to be reversed. "There are no grounds for overturning that decision in the court of appeals," a Meta spokesperson said in a statement.

New York Attorney General Letitia James said Facebook was bad for consumers. "Time and again, the social media giant has used its market dominance to force small companies out of business and reduce competition for millions of users," she said.

The group, made up of 46 states, Guam and the District of Columbia, argued that U.S. District Judge James Boasberg of the District of Columbia erred in ruling they had waited too long to file the lawsuit.

They argued that states are allowed delays that private plaintiffs are not. They also argued that if the court determined they did wait too long, states are allowed deference that others are not because of their role in protecting the public interest.

Boasberg had also thrown out a related Federal Trade Commission complaint against Facebook in June but allowed the agency to refile the case. It did so, and Boasberg said this week the case would be allowed to go forward.

© Reuters. FILE PHOTO: A 3D printed Facebook's new rebrand logo Meta and Facebook logo are placed on laptop keyboard in this illustration taken on November 2, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

Both the FTC and the states had asked the court in 2020 to order Facebook to sell Instagram, which it bought for $1 billion in 2012, and WhatsApp, which it bought for $19 billion in 2014.

The lawsuits followed years of investigation of the four biggest U.S. tech giants, as well as lawsuits against Facebook and Alphabet (NASDAQ:GOOGL) Inc's Google.

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.