Italy's Antitrust Authority has fined Apple US$225 Million for Anti-Competitive cooperation with Amazon in the sale of Apple & Beats Products
According to a new report this morning, Italy's antitrust authority has fined U.S. tech giants Amazon and Apple a total of more than 200 million euros (US$225 million) for alleged anti-competitive cooperation in the sale of Apple and Beats products.
Contractual provisions of a 2018 agreement between the companies meant only selected resellers were allowed to sell Apple and Beats products on Amazon.it, the watchdog said, adding that this was in violation of European Union rules and affected competition on prices.
The authority imposed a fine of 68.7 million euros on Amazon and 134.5 million euros on Apple, ordering the companies to end the restrictions to give retailers of genuine Apple and Beats products access to Amazon.it in a non-discriminatory manner.
"To ensure our customers purchase genuine products, we work closely with our reseller partners and have dedicated teams of experts around the world who work with law enforcement, customs and merchants to ensure only genuine Apple products are being sold," Apple said, denying any wrongdoing.
Both Apple and Amazon said they plan to appeal against the fines. For more, read the full Reuters report on Yahoo! Finance.