Google Found Guilty of Antitrust Violations in Landmark Court Ruling. Tech Giant's Monopoly in Search and Advertising Deemed Illegal by Federal Court.
A federal US judge ruled that Google illegally monopolized search and text advertising and violated antitrust laws. The ruling was in response to antitrust lawsuits filed by the US Department of Justice and attorneys general from thirty-eight states and territories in 2020. The court said Google's exclusive search deals with Android and Apple helped cement its dominance in search markets. Alphabet shares fell over 4% on the news as the ruling was the first major antitrust decision against a big tech company in decades. Google said it plans to appeal.
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00:00It's Benzinga, and here's what's on the block.
00:02A federal U.S. judge ruled that Google illegally held a monopoly in search and text advertising
00:07and violated antitrust laws.
00:10The ruling was in response to antitrust lawsuits filed by the U.S. Department of Justice and
00:14Attorneys General from 38 states and territories in 2020.
00:18The court said Google's exclusive search deals with Android and Apple helped cement
00:22its dominance in search markets.
00:24Alphabet shares fell over 4% on the news as the ruling was the first major antitrust decision
00:29against a big tech company in decades.
00:32Google said it plans to appeal.
00:33For all things money, visit Benzinga.com.