All articles tagged with #antitrust suit
Apple's shares fell after the US Justice Department filed an antitrust suit, accusing the company of stifling competition. The suit adds risk to Apple's services business, which has been a key growth driver, and comes amid concerns about weak sales in China and a lack of new growth catalysts. Despite a rock-solid balance sheet, the stock's recent underperformance and high valuation have raised concerns among investors.
TKO Group Holdings, the parent company of the UFC, has agreed to pay $335 million to settle a lawsuit filed by fighters nearly a decade ago, just before a trial was scheduled to start. The fighters had claimed that the UFC violated the Sherman Antitrust Act by abusing its monopoly power to limit their pay. The settlement will be paid in installments over an agreed-upon period of time and is subject to judicial approval. This comes as TKO, which is 51% owned by Endeavor, faces legal challenges unrelated to the UFC suits, including a bombshell lawsuit against former WWE executive chairman Vince McMahon and a class-action suit alleging a "sham sales process" in the merger of the UFC and WWE.
After a federal judge's ruling against NCAA rules and recruiting inducements, NCAA President Charlie Baker issued a memo to member schools, pausing investigations into NIL collectives backed by boosters. The decision comes amid chaos following an antitrust suit and is intended to avoid penalties for conduct consistent with the injunction while long-term solutions are underway, although it notably does not mention Congress.
Epic Games' antitrust suit against Google over the ban of Fortnite is heading to a jury trial after the CEOs of both companies failed to reach a settlement. The CEOs met in person for an hour but were unable to come to an agreement. Closing arguments are scheduled to take place on Monday.
Apple's senior vice president of ML and AI strategy, John Giannandrea, testified in the Department of Justice antitrust suit against Google and highlighted a little-known feature in iOS 17 related to the iPhone's default search engine. The feature allows users to choose two different default search engines for normal browsing and private browsing modes. Although Google remains the default for both settings, this new option provides users with more granular control. The DOJ's lawsuit focuses on Google's alleged abuse of power in the search industry, with Apple's multi-billion dollar default search engine deal being a key aspect of the trial.