- A French court fined the iPhone maker on Thursday apple inc AAPL from €1.1 billion to €372 million (~$366 million) for alleged anti-competitive behavior.
- The French antitrust authority imposed a record fine in 2020 for Apple’s anti-competitive behavior towards its distribution and retail network. Reuters reports.
- also read: Google suffers another EU setback as the Supreme Court rejects a motion to vacate a $4.3 billion dominance abuse fine
- Apple has reportedly imposed retail prices on premium resellers to bring them in line with those the Californian company charges in its stores or online.
- The Paris Court of Appeal reduced the fine after deciding to drop one of the three main price-fixing lawsuits.
- The court also decided to significantly reduce the rate used to calculate the fine.
- The report found that the French antitrust authority used a high rate given Apple’s size and financial firepower in 2020.
- Apple had appealed the original fine.
- Apple held $48.2 billion in cash and equivalents from June 25th.
- The Big Tech companies have sometimes drawn the attention of regulators for their antitrust practices in terms of penalties.
- Price promotion: AAPL shares traded 0.21% lower at $146.10 on the last check Thursday.
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