The United States Government files lawsuit against Apple for alleged smartphone market monopoly
The United States Government has taken legal action against tech giant Apple, accusing the company of creating a monopoly in the smartphone market with its popular iPhone. The lawsuit, filed in federal court in New Jersey, marks the first major antitrust effort against Apple by the Biden Administration.
Attorney General Merrick Garland stated, “Consumers should not have to pay higher prices because companies violate antitrust laws. If this does not change, Apple will continue to strengthen its monopoly on smartphones.” The lawsuit alleges that Apple restricted access to the technology used in iPhones, leading to increased costs for consumers and hindering potential rivals from entering the market.
The Department of Justice claims that Apple has engaged in illegal conduct on a broad and sustained basis, using its control over the iPhone to maintain its monopoly. In response, Apple expressed that the lawsuit threatens the company’s business model.
Following the announcement of the lawsuit, Apple’s shares dropped by 3.7%. The legal battle between the US Government and Apple is expected to have far-reaching implications for the smartphone industry.
Stay tuned for more updates on this developing story.