- A law firm on behalf of publishers slapped damages claims for up to €25 billion ($25.4 billion) on Alphabet Inc GOOG GOOGL Google over its digital advertising practices in two suits filed in British and Dutch courts, Reuters reports.
- Google's adtech has drawn scrutiny from antitrust regulators following complaints from publishers.
- The French competition watchdog imposed a €220-million penalty in 2021 while the European Commission and its U.K. peer probed whether Google's adtech business exploited its influence over rivals and advertisers.
- The British claims at the U.K. Competition Appeal Tribunal will seek to recover compensation for lost revenue from the sale of advertising space on the websites of news publishers and any site funded by online advertising.
- The Dutch claim is open to publishers affected by Google's actions. Litigation funder Harbour is funding both lawsuits.
- The U.S. Justice Department looked to prosecute Google by September for illegally dominating the digital advertising market.
- Recently, the Trump government-led scrutiny into Google's adtech market dominance alleged exclusive distribution deals with wireless carriers and phone makers to thwart competition.
- Senator Amy Klobuchar has blamed an "incredible onslaught of money" against a landmark antitrust bill to check the power of the U.S. Big Tech companies hindered the passing of the legislation.
- Google held $125 billion in cash and equivalents as of June 30.
- Price Action: GOOG shares traded higher by 0.62% at $112.56 in the premarket on the last check Tuesday.
- Photo by succo from Pixabay
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