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5/25, 5:45 PM (Source: TeleTrader)
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Washington DC sues Amazon on antitrust grounds

Washington D.C. Attorney General Karl Racine stated on Tuesday that he was suing Amazon.com Inc. on antitrust grounds.

Racine stated that Amazon violated DC law by "abusing and maintaining its monopoly power by controlling prices across the online retail market." Furthermore, he asserted that the company maximized its profit by forcing consumers to pay "artificially high prices," while threatening to remove third-party sellers fi they sold their products on other platforms for lower prices.

Overall, the capital's attorney general alleged that Amazon was "harming competition and innovation," while also "tilting the playing field," saying that there needed to be a "fair online marketplace" and more options in the online retail market for DC residents.

Amazon shares were down 0.33% after the news came out.

Breaking the News / OL