penalty

EU imposes $1.84BN fine on Apple for anti-steering tactics in iOS music streaming market

Amazon Starts Music Streaming Service Without Universal
The European Union has fined Apple €1.84 billion for breaching antitrust rules in the market for music streaming services on its mobile platform, iOS. The penalty is focused on Apple’s application of anti-steering provisions, which put restrictions on music streaming apps’ abilities to tell consumers about cheaper offers outside Apple’s App Store. The iPhone maker has its own music streaming service, Apple Music, and rivals — such as Spotify — have argued the restrictions put them at a disadvantage compared to the platform operator. A formal EU statement of objections duly followed, in April 2021, when the Commission accused Apple of operating its App Store in a way that distorts competition in the market for music streaming services. Last month, the FT reported Apple was facing a €500M antitrust penalty over music streaming.

“SEC Demands $45M from Insolvent Lordstown Motors”

Lordstown Motors Corp
Bankrupt EV startup Lordstown Motors could be on the hook for $45 million for violating federal securities laws. The SEC first started probing Lordstown Motors in 2021, just days after short-selling research firm Hindenburg Research published a report laying out a number of allegations of fraud. Lawyers for Lordstown Motors revealed early on in the bankruptcy process that it had held confidential settlement talks with the SEC. Lordstown Motors and a lawyer for the SEC did not immediately respond to requests for comment. Some investigations — like the one into Lucid Motors, or struggling EV startup Workhorse — have been dropped without any enforcement action.