Supreme Court Rules In Favor Of Apple For Now: What's Going On?

Apple Inc AAPL is facing selling pressure on Wednesday alongside the broader market, but the stock is getting a boost in afternoon trading after the U.S. Supreme Court ruled in favor of the tech giant in its legal battle with Epic Games.

What Happened: According to a Bloomberg Law report, the Supreme Court ruled that Apple can maintain its current payment rules in its App Store. 

Earlier this year, the Court of Appeals said that Apple violated unfair competition laws by limiting payment methods for app developers, including purchases in the Epic Games Store.

The report indicates that Justice Elena Kagan put the federal appeals court decision on hold without explanation. 

Apple previously disputed the appeals court ruling and argued Epic wasn't being impacted by its policies. Epic Games, who owns Fortnite, reportedly "created a workaround" to avoid paying 30% fees on in-app purchases from its customers. Apple then removed Fortnite from the App Store. 

The ruling is a win for Apple, but it appears it could only be a temporary one. 

See Also: Hyped About iPhone 15? Sony Isn't – The Lens Maker Expects Apple's New iPhone Won't Be In High Demand

AAPL Price Action: Apple shares were off the lows at last check. The stock was down 0.81% at $178.34 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Apple.