Posted 3/21/2024, 4:30:00 PM
Justice Department Sues Apple, Alleges Monopoly Over Smartphones That Raises Prices
- Justice Department sues Apple for monopolizing the smartphone market by restricting app developers and charging high prices
- Lawsuit alleges Apple's monopoly power allows it to charge consumers and developers more money
- Apple commands 65% of the U.S. smartphone market, selling phones up to nearly $1,600
- Apple statement denies allegations, says lawsuit threatens company's ability to innovate
- Lawsuit follows other antitrust cases against Standard Oil, AT&T, Microsoft; DOJ aims to break Apple's "stranglehold"