Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

Amazon faces $1 billion lawsuit in UK for ‘favouring its own products’

Published : , on

LONDON (Reuters) – Amazon.com Inc is facing a lawsuit in Britain for damages of up to 900 million pounds ($1 billion) over allegations the online marketplace abused its dominant position by favouring its own products, lawyers said.

Consumer rights advocate Julie Hunter plans to bring the collective action on behalf of British consumers who have made purchases on Amazon since October 2016, lawyers representing her said.

The proposed case – which Amazon said was “without merit” – would be the latest mass action against a tech giant to be filed at London’s Competition Appeal Tribunal (CAT).

Law firm Hausfeld, which represents Hunter, said on Thursday that Amazon has breached competition law by using “a secretive and self-favouring algorithm” to promote its own products through the “Buy Box” feature on its website.

Hunter said in a statement: “Far from being a recommendation based on price or quality, the Buy Box favours products sold by Amazon itself, or by retailers who pay Amazon for handling their logistics. Other sellers, however good their offers might be, are effectively shut out.”

An Amazon spokesperson said in a statement: “This claim is without merit and we’re confident that will become clear through the legal process.”

The lawsuit is expected to be filed at the CAT by the end of this month and will have to be certified by the tribunal before it can proceed.

It is being brought on an “opt-out” basis, meaning that any potential claimants will be included in the claim unless they choose to opt out.

The case follows the announcement by Britain’s antitrust watchdog in July that it is investigating Amazon over suspected breaches of competition law, including how it selects which products are placed within the “Buy Box” feature.

Amazon has faced similar probes elsewhere, recently making an offer to the European Commission to avert possible hefty EU antitrust fines.

The platform has also declined to describe its product-search system to an Australian competition regulator which has heard complaints of large marketplace platforms giving preference to in-house wares.

The CAT authorised an estimated 920 milion-pound ($1.1 billion) damages claim against Google in July and approved another case worth up to 1.7 billion pounds against Apple in May.

The tribunal is also due to decide in January whether to give the go-ahead to a claim valued at up to 2.2 billion pounds against Meta Platforms, the owner of Facebook and Instagram, over alleged anti-competitive behaviour.

Google and Apple deny the allegations against them, according to court filings, and Meta did not immediately respond to a Reuters request for comment.

 

(Reporting by Sam Tobin; Editing by Andrew Heavens)

 

Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post