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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: