The FTC has sued Amazon, $AMZN, claiming it wields monopoly power and stunts competition.
The lawsuit, which was joined by 17 state attorneys general, follows a four-year investigation and federal lawsuits filed against Alphabet's Google and Meta Platforms' Facebook.
The FTC has sued Amazon, $AMZN, claiming it wields monopoly power and stunts competition
9/26/2023
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"The FTC and its state partners say Amazon's actions allow it to stop rivals and sellers from lowering prices, degrade quality for shoppers, overcharge sellers, stifle innovation and prevent rivals from fairly competing against Amazon," the agency said in a statement.
The FTC said that it was asking the court to issue a permanent injunction, ordering Amazon. com to stop its unlawful conduct.
"The practices the FTC is challenging have helped to spur competition and innovation across the retail industry, and have produced greater selection, lower prices and faster delivery speeds for Amazon customers, and greater opportunity for the many businesses that sell in Amazon's store," said David Zapolsky, Amazon's general counsel.
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