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Lawsuit accuses Apple of antitrust violations over Apple Pay

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Apple Inc was sued on Monday in a proposed class action by payment card issuers accusing the iPhone maker of abusing its market power in mobile devices to thwart competition for its Apple Pay mobile wallet.According to a complaint filed in San Francisco federal court, Apple 'coerces' consumers who use its

Apple Inc was sued on Monday in a proposed class action by payment card issuers accusing the iPhone maker of abusing its market power in mobile devices to thwart competition for its Apple Pay mobile wallet.

The plaintiff, Iowa's Affinity Credit Union, said Apple's anticompetitive conduct forces the more than 4,000 banks and credit unions that use Apple Pay to pay at least $1 billion of excess fees annually for the privilege. "Apple's conduct harms not only issuers, but also consumers and competition as a whole," the complaint said.Apple did not immediately respond to requests for comment.

 

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