- A French court on Thursday slashed a penalty against iPhone maker Apple Inc (NASDAQ:AAPL) for alleged anti-competitive behavior to €372 million (~$366 million) from €1.1 billion.
- France’s antitrust watchdog slapped a record fine in 2020 for Apple’s anti-competitive behavior toward its distribution and retail network, Reuters reports.
- Also Read: Google Suffers Another EU Setback As Top Court Rejects Request To Topple $4.3B Dominance-Abuse Fine
- Apple allegedly imposed prices on retail premium resellers to align them with those the California firm charges in its shops or on the Internet.
- The Paris appeals court cut the fine because it decided to drop one of the three main charges related to price-fixing allegations.
- The court also decided to significantly lower the rate applied to calculate the fine.
- The report noted that the French antitrust authority used a high rate in 2020, given Apple’s size and financial firepower.
- Apple had appealed against the original fine.
- Apple held $48.2 billion in cash and equivalents as of June 25.
- The Big Tech companies have been courting regulatory attention over their antitrust practices, sometimes amounting to penalties.
- Price Action: AAPL shares traded lower by 0.21% at $146.10 on the last check Thursday.
Federal Agency Gives Green Light: How Relaxed Marijuana Laws Could Boost U.S. Stocks
The weekend was abuzz with anticipation after the HHS recommended to reschedule cannabis last Wednesday.
