The Federal Trade Commission and 17 state attorneys general filed a lawsuit againston Tuesday, accusing the company of illegally maintaining its monopoly power "to inflate prices, degrade quality, and stifle innovation for consumers and businesses."
In a statement, Amazon rebuked the allegations, saying the practices at issue have helped fuel innovation rather than stifle it. Amazon has cooperated with the FTC over a years-long investigation, the company said. "It was our hope the agency would recognize that Amazon's innovations and customer-centric focus have benefited American consumers through low prices and increased competition in the already competitive retail industry," Amazon added.
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