Apple To Face Epic Games' Antitrust Lawsuit Over Unfair App Store Practices Today: Report

Apple Inc (NASDAQ: AAPL) will face Fortnite maker Epic Games in an antitrust lawsuit filed by the latter today in Oakland, California, the Wall Street Journal reports. Epic charged Apple and Alphabet Inc’s (NASDAQ: GOOG) (NASDAQ: GOOGL) Google in August for the unjustified removal of Fortnite from their mobile app stores. Apple and Alphabet had justified the removal as Epic had violated the App store terms by bypassing the 30% fee by introducing its in-app payment system, including running a smear campaign against the iPhone maker, Reuters reports. Epic alleged Apple’s App Store monopoly strategy of eliminating competition by charging exorbitant fees. Epic-backed expert Ned Barnes has testified that Apple’s App Store had a 77.8& operating margin in 2019 and 74.9% in 2018. Apple countered Epic’s allegations by crediting App Store rules for the safety and security in opening customer wallets to unknown developers. CEO Tim Sweeney will represent Epic. The company’s witness list includes other company executives, former Apple employees, and employees of companies including Microsoft Corp (NASDAQ: MSFT). Apple’s witness list includes CEO Tim Cook, other executives like App Store, and Apple events leader Phil Schiller. Epic sought an end to multiple unjustified Apple practices. Price action: AAPL shares traded higher by 1.06% at $132.86 on the last check Monday. See more from BenzingaClick here for options trades from BenzingaSony Targets .8B Share Repurchase To Make Up For The Profit Miss: BloombergApple To Slash AirPods Production Due To Competition From Cheaper Alternatives© 2021 Benzinga does not provide investment advice. All rights reserved.

Continue Reading

HEDGE accordingly