AMAZON HIT WITH ANTITRUST SUIT
🔍 The Federal Trade Commission (FTC) and 17 state attorneys general filed a sweeping antitrust lawsuit against Amazon (AMZN), accusing the e-commerce giant of using its monopoly power to inflate prices, degrade quality for shoppers, and unlawfully exclude rivals, thereby undermining competition. The complaint highlighted Amazon’s anti-discounting measures and costly fulfillment services, which allegedly stifled innovation and forced sellers to rely heavily on Amazon’s platform.
⚖️ Amazon’s General Counsel David Zapolsky defended the company’s practices, arguing that they spurred competition and innovation across the retail industry, benefiting customers and businesses alike. He warned that the FTC’s actions would lead to higher prices, slower deliveries, and reduced options for small businesses and consumers.
📜 The lawsuit marked a significant achievement for FTC Chair Lina Khan, known for her critical stance on Amazon’s market dominance. Despite Amazon’s request for Khan’s recusal from antitrust investigations into its business, the charges culminated after years of pressure to address alleged anticompetitive practices by Amazon.