📈 69% of S&P 500 stocks beating the index - a historic record! Pick the best ones with AI.See top stocks

US antitrust case against Amazon to move forward

Published 10/07/2024, 01:10 PM
Updated 10/07/2024, 01:11 PM
© Reuters. FILE PHOTO: A view shows the logo of Amazon at the Amazon Fulfillment Center during a media tour ahead of the holiday season in Tepotzotlan, Mexico, December 13, 2023. REUTERS/Gustavo Graf/File Photo/File Photo
AMZN
-

(Reuters) - The U.S. Federal Trade Commission's case accusing Amazon of stifling competition in online retail will move forward, though some of the states that sued alongside the agency had their claims dismissed, court documents showed.

U.S. District Judge John Chun in Seattle unsealed his ruling from Sept. 30, which dismissed some of the claims brought by attorneys general in New Jersey, Pennsylvania, Maryland and Oklahoma.

Last year, the FTC alleged Amazon.com (NASDAQ:AMZN), which has 1 billion items in its online superstore, was using an algorithm that pushed up prices U.S. households paid by more than $1 billion. Amazon has said in court papers it stopped using the program in 2019.

The FTC has accused the online retailer of using anti-competitive tactics to maintain dominance among online superstores and marketplaces.

© Reuters. FILE PHOTO: A view shows the logo of Amazon at the Amazon Fulfillment Center during a media tour ahead of the holiday season in Tepotzotlan, Mexico, December 13, 2023. REUTERS/Gustavo Graf/File Photo/File Photo

Amazon asked Chun to dismiss the case in December, saying the FTC had raised no evidence of harm to consumers.

The judge said in his ruling that he cannot consider Amazon's claims that its actions benefited competition at this early stage in the case.

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.