Google Ordered to Pay Nearly $2 Billion to Klarna's Pricerunner in Swedish Antitrust Case

Regulation
โดย GuruFocus·Read original
Summary · why it matters

A Swedish court has ordered Alphabet's Google to pay almost $2 billion to Klarna's Pricerunner unit in a long-running competition case over Google's comparison shopping service. The Patent and Market Court in Stockholm dismissed most of Pricerunner's original 80 billion Swedish kronor claim, but Judge Linda Kullberg described the award as the largest ever ordered in a Swedish competition case. Klarna shares rose 5.3% in premarket trading after the ruling. Pricerunner argued that Google abused its dominant search position for more than a decade by favoring its own comparison shopping service, and Klarna said the award compensates for lost revenue and higher consumer costs. Google disagreed with the ruling and said it will consider its legal options, while pointing to platform changes made in 2017 that it says support hundreds of comparison shopping services across Europe. The case is tied to the European Commission's 2017 decision to fine Google 2.4 billion euros for illegally using its search dominance, and a Berlin court last year ordered Google to pay 573 million euros to two German price-comparison websites.

Impact on stocks 2

Artificial Intelligence▼ · 1 stocks
Alphabet Inc Class C
GOOG
▼ NegativeRegulationrelevance

Swedish court orders Google to pay nearly $2 billion to Pricerunner for abusing search dominance in comparison shopping.

Digital Finance & Tokenization▲ · 1 stocks
Klarna Group plc
KLAR
▲ PositiveCapitalrelevance

Klarna's Pricerunner unit wins nearly $2 billion award; Klarna shares rise 5.3% in premarket.

Off-coverage companies 1

PricerunnerPrivate▲ Positive
Capitalrelevance

Pricerunner awarded nearly $2 billion in antitrust case against Google for lost revenue and higher consumer costs.

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