Just as the tech giant braces for a sweeping lawsuit from the Justice Department, it was hit with a $2 billion European Commission fine for allegedly breaking competition laws overseas.
Apple (AAPL) faces a massive $1.95 billion fine from European Union regulators. The EU claims Apple intentionally shut out music streaming competition, using its App Store to favor its own Apple Music service over rivals like Spotify (SPOT). Yahoo Finance Legal Reporter Alexis Keenan breaks down the details. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Angel Smith and updated by Luke Carberry Mogan.
The European Union's competition authority on Monday fined Apple $2 billion for its restrictive App Store policies. Apple stock fell on the news.