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Thursday, November 30, 2023

Apple faces lawsuit over excessive switch charges between cell wallets

Apple is the goal of a brand new class motion lawsuit filed by Venmo and Money App prospects over excessive switch charges between cell wallets. There’s additionally a cryptocurrency angle, as a result of why not?

Reuters reported the small print of the category motion lawsuit on Monday:

Apple Inc (AAPL.O) has been sued by Venmo and Money App prospects in a proposed class motion claiming the iPhone maker abused its market energy to curb competitors for cell peer-to-peer funds, inflicting customers to pay “quickly inflating costs.”

4 customers in New York, Hawaii, South Carolina and Georgia filed the lawsuit on Friday in San Jose, California, federal court docket. They alleged Apple violated U.S. antitrust regulation via its agreements with PayPal’s (PYPL.O) Venmo and Block’s (SQ.N) Money App.

The lawsuit, which might be seen on-line, claims that Apple blocking sure cryptocurrency wallets from the App Retailer has stifled competitors. In flip, this has allowed switch feeds between digital wallets on iPhone to exist in addition to enhance with out choices for customers.

The lawsuit additionally goals to require Apple to permit crypto wallets that’s has disallowed whereas it “search injunctive aid requiring Apple to segregate or divest its Apple Money enterprise, to forestall additional hurt to customers, together with Plaintiffs, within the iOS Peer-to-Peer Fee Market.”


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