Apple Taking Wrongful Advantage, Sued By Venmo, Cash App Users For Peer-To-Peer Payment Fees
Portfolio Pulse from Khyathi Dalal
Apple is facing a proposed class action lawsuit from users of Venmo and Cash App, alleging antitrust violations. The suit claims Apple is misusing its market power to stifle competition in mobile peer-to-peer payments, causing inflated prices. Plaintiffs seek to stop Apple's anti-competitive agreements and suggest divesting its Apple Cash business. This lawsuit adds to other legal challenges Apple faces, including one regarding Apple Pay and another from Epic Games over in-app payment processing.
November 21, 2023 | 12:44 am
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Apple is being sued for antitrust practices related to its peer-to-peer payment system, which could lead to legal challenges and potential changes in its business practices.
The lawsuit directly targets Apple's payment practices, which could lead to negative investor sentiment and legal costs. If the plaintiffs win, Apple may have to alter its business model, potentially reducing revenue from its payment services.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100
NEUTRAL IMPACT
PayPal's Venmo is involved in a lawsuit against Apple, alleging antitrust violations in the peer-to-peer payment market.
While PayPal's Venmo is part of the lawsuit, the direct impact on PayPal's stock is less clear. The outcome could affect Venmo's competitive position, but the immediate financial impact on PayPal is uncertain.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Block's Cash App is part of a class action lawsuit against Apple, which could influence the competitive landscape of mobile payments.
Cash App's involvement in the lawsuit against Apple may have implications for Block's competitive edge in the market. However, the immediate impact on Block's stock is not definitive, pending the lawsuit's progression.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50