Sweden’s biggest antitrust award lands on Google over Klarna unit
What's happening
A Swedish court has ruled that Google unlawfully favored its own shopping service and must pay damages to PriceRunner, the price comparison site owned by Klarna. Multiple reports give the award around $1.97 billion (some coverage rounds to $2 billion, one piece reports approximately $1.5 billion). Klarna says the payment compensates PriceRunner for lost revenue caused by Google's preferential treatment. The ruling is being described as Sweden's largest antitrust award against Google to date.
Why it's trending
Because a national court just handed a multibillion-dollar antitrust judgment that directly targets Google search behavior and a Klarna-owned unit.
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Google just got hit with up to $2 billion for favoring its shopping service, but this could be a win for Big Tech, not rivals.
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Original sources4
- Sweden’s biggest antitrust award lands on Google over Klarna unit
Klarna, the Stockholm-based payments platform, has secured a landmark victory after a Swedish court ordered Alphabet’s Google to pay approximately $1.5bn in damages to PriceRunner, the price comparison business the FinTech firm owns. The court found that Google had favoured its own shopping service within search results, to the detriment of PriceRunner’s business. According to […
FinTech GlobalJul 2 - Klarna wins $2B Google antitrust case
A Swedish court ruled Wednesday that the tech giant had violated antitrust laws in price comparison, harming a Klarna-owned European competitor.
Payments DiveJul 1 - Swedish court orders Google to pay Klarna $1.97bn
Google has been ordered by a Swedish court to pay $1.97 billion in damages to PriceRunner, a price comparison service owned by Klarna.
FinextraJul 1 - Klarna’s PriceRunner Awarded $1.97 Billion in Google Antitrust Case
Klarna-owned price comparison website PriceRunner has prevailed in its antitrust lawsuit against Google. A Swedish court on Wednesday (July 1) awarded PriceRunner $1.97 billion, Klara said in a news release, calling it compensation for lost revenue from “Google’s preferential treatment” of its comparison-shopping service over similar, independent services. “When markets work well, everyone benefit
PYMNTSJul 1
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