🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

U.S. antitrust agency preparing lawsuit against Amazon - WSJ

Published 02/03/2023, 11:01 AM
Updated 02/03/2023, 04:41 PM
© Reuters. FILE PHOTO: The logo of Amazon is seen at the company logistics centre in Boves, France, August 8, 2018. REUTERS/Pascal Rossignol
GOOGL
-
AMZN
-
META
-
GOOG
-

(Reuters) -The U.S. Federal Trade Commission is preparing a possible antitrust lawsuit against e-commerce giant Amazon.com Inc (NASDAQ:AMZN), the Wall Street Journal reported on Friday, citing people familiar with the matter.

It could not be determined exactly which aspects of Amazon's businesses the FTC would target and the timing of any case was uncertain, according to the report.

Amazon and the FTC declined to comment.

The commission began probing Amazon during the Trump administration. The company has been criticized for allegedly favoring its own products and disfavoring outside sellers on its platform.

The FTC has been scrutinizing the bundling practices of the company's Prime subscription service, the WSJ also reported.

Amazon in December reached a settlement with the European Union in three antitrust probes after it addressed the EU's concerns over use of sellers' data, saving the company from a fine of up to 10% of its global turnover.

Outsiders got a small view into the relationship between the agency and Amazon last August when the agency rejected an Amazon bid to quash demands that both Chief Executive Andy Jassy and Executive Chairman Jeff Bezos testify at investigative hearings. Amazon had questioned what it called the agency's "burdensome" requests in its investigation of the sign-up and cancellation processes for its Prime program.

© Reuters. FILE PHOTO: The logo of Amazon is seen at the company logistics centre in Boves, France, August 8, 2018. REUTERS/Pascal Rossignol

The Justice Department and FTC have probes underway of all four platforms. The Justice Department has sued Alphabet (NASDAQ:GOOGL)'s Google twice, once regarding its search business and a second time on advertising technology. The FTC has sued Meta's Facebook (NASDAQ:META).

The FTC has also lost a court ruling aimed at stopping a deal that Meta undertook to buy VR company Within.

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.