Despite $25.4 billion in damages claims related to ad activities, Google stock traded marginally higher early Tuesday.
As Alphabet Inc. (NASDAQ:GOOGL) may be facing one, lawsuits against businesses appear to be a reoccurring subject in 2022. One claim will be filed against Google in a British court, and the other will be filed in a Dutch court. Despite the bad news of the lawsuits coming, Google shares are currently modestly up by 0.43% in the premarket session.
Google’s two legal battles
In two cases that will be brought in Dutch and British courts over the coming weeks, Alphabet subsidiary Google (NASDAQ:GOOG) (NASDAQ:GOOGL) will be subject to damages claims for up to $25.4 billion, according to Reuters on Tuesday.
A law company has brought the lawsuit against the tech giants adtech practices on behalf of publishers. In response, Damien Geradin of Geradin Partners said: Today we are announcing these lawsuits across two jurisdictions to collect compensation for EU and UK publishers. It is time that Google owns up to its duties and pays back the losses it has caused to this crucial business.
The company was fined 220 million euros by the French competition police last year, and the European Commission and its UK counterpart are looking into whether Googles adtech business provides it an unfair edge over competitors and advertisers. A statement was requested, but Alphabet didnt react right away.
The British lawsuit has been filed at the UK Competition Appeal Tribunal specifically to recoup any lost profits from the sale of online advertising space on news publisher websites and other websites that are supported by online advertising. In other news, Alphabet reinforces its hold in the personal health monitoring market.
Featured Image- Megapixl @ Manaemedi
Author: Jowi Kwasu
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