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☆ Why we're looking past the FTC lawsuit to a flurry of bullish developments at Amazon
▼ + stars: | 2023-09-26 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

FTC Chair Lina Khan, a long-time critic of Amazon, said Tuesday that the company "now takes one of every $2 that a seller makes." Amazon stock has climbed 51% this year, as the company has doubled down on efficiency. The update to Prime Video, which is a part of the Amazon Prime membership subscription, costs $14.99 per month. The new Prime Video ads could create a monetization opportunity of $6.6 billion to $8 billion in incremental revenue, according to Wedbush. And with over 200 million Amazon Prime members, Amazon remains one of the top spots for digital advertisers.

Persons: Lina Khan, Jim Cramer, Jim, we're, Anthropic, Morgan Stanley, Amazon's, Jim Cramer's Organizations: Federal Trade Commission, Amazon, FTC, Web Services, Club, Microsoft, Zoom Communications, AMZN, CNBC, Getty Locations: U.S

☆ Amazon punishes sellers that offer their items for less elsewhere, the FTC says
▼ + stars: | 2023-09-26 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

Marketplace Pulse reported in February that Amazon sellers are paying as much as 50% of their revenue to Amazon in fees, a point that is echoed in the FTC's suit. "Amazon also recognizes that sellers believe 'that it has become more difficult over time to be profitable on Amazon,'" the FTC filing reads. According to the filing, Amazon's ads reach 96% of Americans between the ages of 25 and 54 each month. "According to an internal Amazon study, Amazon's sellers live 'in constant fear' of Amazon arbitrarily interfering with their ability to sell on Amazon, which 'put[s] their businesses and livelihoods at risk,'" the complaint reads. "When Amazon detects elsewhere online a product that is cheaper than a seller's offer for the same product on Amazon, Amazon punishes that seller," it reads.

Persons: David Zapolsky, Zapolsky, Nessie, Douglas Farrar Organizations: Federal Trade Commission, FTC, Marketplace, Amazon, Amazon Prime

☆ Apple's Eddy Cue defends default search contract with Google as best option for consumers
▼ + stars: | 2023-09-26 | by ( Lauren Feiner | ) www.cnbc.com time to read: +8 min

Cue, Apple's lead negotiator of its multibillion-dollar contract with Google , appeared in federal court in Washington, D.C., to discuss the long-standing agreement between the two companies. "When we're picking search engines, we pick the best one and we let the customer easily change them," Cue said. But in other places around the world, the company still sees Google as offering the best experience, Cue said. In his testimony, Cue also reiterated criticism that Apple has when it comes to Google's privacy practices. Cue said it's easy for consumers to change their default search engines today.

Persons: Eddy Cue, Chip Somodevilla, Apple's, that's, Bernstein, Sundar Pichai, Tim Cook, Joe Biden, Anna Moneymaker, Meagan Bellshaw, Bellshaw, Cook, Cue, Pichai, hadn't, Apple, we've, Eric Schmidt, Steve Jobs Organizations: Apple, Courthouse, Washington , D.C, Getty, Google, White, Justice Department, Cue, DOJ, Federal Trade Commission, Yahoo, CNBC, YouTube Locations: U.S, Washington ,, Europe, China, Russia

☆ Stocks making the biggest moves midday: SiriusXM, Cintas, United Natural Foods and more
▼ + stars: | 2023-09-26 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

A customer uses an ATM at a Wells Fargo Bank in San Bruno, California, on April 14, 2023. Cintas — Shares fell 5.3% after the company reported its 2024 fiscal first-quarter earnings. Cintas raised its full-year guidance but the lower end of its EPS and revenue predictions came in below analysts' estimates. United Natural Foods — Shares sank 27.4% Tuesday after United Natural Foods forecast earnings per share and adjusted EBITDA in the coming year below analysts' estimates, citing profitability headwinds. Shares of Wells Fargo and Goldman Sachs declined 2.2% and 1.5%, respectively, while Morgan Stanley and JPMorgan both lost about 1%.

Persons: Cintas, Pinterest, Goldman Sachs, Jamie Dimon, Morgan Stanley, CNBC's Hakyung Kim, Alex Harring, Brian Evans, Samantha Subin, Yun Li Organizations: Wells Fargo Bank, HSBC, United, Bank of America, JPMorgan, Goldman Sachs — Bank, JPMorgan Chase, Reserve, Wells, Goldman, Liberty Media, Barclays — U.S, Barclays, Federal Trade Commission, Amazon Locations: Wells Fargo, San Bruno , California

The Federal Trade Commission has filed its long-anticipated antitrust lawsuit against Amazon . In a sweeping complaint unveiled Tuesday, the FTC and attorneys general from 17 states accused Amazon of wielding its "monopoly power" to inflate prices, degrade quality for shoppers and unlawfully exclude rivals, thereby undermining competition. David Zapolsky, Amazon's general counsel and senior vice president of global public policy, said in a statement that the FTC's complaint is "wrong on the facts and the law." The lawsuit is a major milestone for FTC Chair Lina Khan, who rose to prominence for her 2017 Yale Law Journal note, "Amazon's Antitrust Paradox." Through her work at the FTC, Khan has sought to reset that framework and push the boundaries of antitrust law through risky legal battles.

Persons: Andy Jassy, David Zapolsky, Amazon's, Zapolsky, Lina Khan, Khan Organizations: New York Times DealBook, Jazz At Lincoln Center, Federal Trade Commission, Amazon, FTC, Yale Locations: New York City

☆ Stock Market Today: Dow Falls More Than 400 Points; Bond Yields Hold Around 4.5%
▼ + stars: | 2023-09-26 | by ( ) www.wsj.com time to read: +1 min

Worries about rising bond yields and a strengthening dollar dragged down stocks Monday. Rising yields have hurt stocks recently, stoking concerns that they could slow the economy by increasing borrowing costs for businesses and consumers. All three major indexes were down more than 1%, with the blue-chip Dow shedding nearly 400 points. The 10-year Treasury yield settled at 4.558%, its highest level since Oct. 16, 2007. The WSJ Dollar Index edged up, extending recent gains that have brought it to its highest level since last November.

Persons: ”, Michael Antonelli, Baird, Brent Organizations: Treasury, Moody's, Amazon, Federal Trade Commission Locations: U.S, Europe

☆ Cramer says Amazon and Google stocks are still buys, despite antitrust lawsuits
▼ + stars: | 2023-09-26 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Tuesday shared his opinions on two antitrust lawsuits involving tech giants Amazon and Alphabet -owned Google, contending that neither company is a true monopoly. "I'm sure Google and Amazon would love to be actual monopolies, and they may have been real tough competitors, but neither of them has that kind of scale," Cramer said. Cramer argued that Google has a powerful contender in Microsoft and its search engine Bing. He added that Apple agreed to the deal with Google because consumers prefer its search engine. Correction: Jim Cramer shared his opinions about the Big Tech antitrust cases on Tuesday.

Persons: CNBC's Jim Cramer, Cramer, Bing, Eddy Cue, Jim Cramer, Jim Cramer's Organizations: Google, Justice, Apple, Microsoft, Federal Trade Commission, Amazon, Amazon Prime, Big Tech, CNBC, Club, Club Charitable Trust Locations: Amazon

☆ Amazon is facing a lawsuit from the FTC and 17 US states. They say it's stifling competition and keeping prices high.
▼ + stars: | 2023-09-26 | by ( Associated Press | ) www.businessinsider.com time to read: +6 min

Amazon is facing an antitrust lawsuit from the Federal Trade Commission and 17 states. The suit claims Amazon is leveraging its power to inflate prices and overcharge small sellers. The FTC has been gathering evidence for months to show how Amazon disadvantages sellers. Some of the agency's allegations in the Amazon case mirrors those made in a separate lawsuit last year by the state of California. The federal complaint follows other actions the FTC has taken against Amazon in the past few months.

Persons: —, biasing, Lina Khan, Khan, FTC's Khan Organizations: Federal Trade Commission, FTC, Service, Court, Western, of, Amazon, Institute for Local, Essentials . Booksellers, of Justice, Big Tech, Yale, District of Columbia, Amazon Prime Locations: of Washington, California

☆ 'Cash-flow' podcaster made off with millions in Ponzi scheme, SEC alleges
▼ + stars: | 2023-09-25 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

But Motil's self-described success was an elaborate façade, according to regulatory filings and Ohio bankruptcy proceedings. In a 29-page complaint, the SEC laid out how Motil issued "promissory notes" fully collateralized by property across Ohio to dozens of investors. "Nearly everything about his scheme was a lie," the financial regulator's complaint read. In one instance, according to the SEC, Motil managed to get more than $1 million from 20 different investors for just one single-family home valued at no more than $130,000. Motil and his wife, Amy, profited handsomely from the scheme, the SEC alleged.

Persons: Matt Motil, Motil, Amy Organizations: U.S . Securities, Exchange Commission, Washington , D.C, SEC, CNBC, U.S, Trustee, Federal Trade Commission Locations: Washington ,, An Ohio, Ohio

☆ FTC to file antitrust case against Amazon as soon as Tuesday - Politico
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +1 min

The logo of Amazon is seen, November 15, 2022. REUTERS/Pascal Rossignol/File Photo Acquire Licensing RightsCompanies Amazon.com Inc FollowSept 22 (Reuters) - The Federal Trade Commission (FTC) will file a long-awaited antitrust lawsuit against Amazon (AMZN.O) in federal court as soon as Tuesday, news site Politico reported on Friday, citing three people with knowledge of the matter. One of the final hurdles before the FTC sues Amazon is to get as many states as possible to sign on to the complaint, according to the report. FTC chairperson Lina Khan authored a Yale Law Journal article in 2017, in which she said Amazon's structure and practices posed anticompetitive concerns and has escaped antitrust scrutiny. Reporting by Urvi Dugar and Yuvraj Malik in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Pascal, Lina Khan, Urvi Dugar, Yuvraj Malik, Shilpi Majumdar Organizations: REUTERS, Federal Trade Commission, Amazon, Politico, FTC, Reuters, Yale, Thomson Locations: Bengaluru

☆ FTC to file antitrust case against Amazon as soon as Tuesday, Politico reports
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Pascal Rossignol/File Photo Acquire Licensing RightsSept 22 (Reuters) - The Federal Trade Commission will file a long-awaited antitrust lawsuit against Amazon (AMZN.O) in federal court as soon as Tuesday, Politico reported on Friday, kicking off the latest leg in the US effort to rein in the market power of Big Tech companies. The legal action, which would follow federal lawsuits filed against Alphabet's (GOOGL.O) Google and Meta's (META.O) Facebook, has been expected after years of complaints that the big tech companies abused their dominance. Amazon.com, for example, has been accused of buying competitors to thwart competition and abusing third-party sellers on its platform, among other allegations. The American tech giant has been criticized for allegedly favoring its own products and disfavoring outside sellers on its platform. FTC chairperson Lina Khan authored a Yale Law Journal article in 2017, in which she said Amazon's structure and practices posed anticompetitive concerns and has escaped antitrust scrutiny.

Persons: Pascal, Lina Khan, Urvi Dugar, Yuvraj Malik, Shilpi Majumdar, Chizu Organizations: REUTERS, Federal Trade Commission, Amazon, Politico, Big Tech, Alphabet's, Google, Facebook, FTC, Reuters, Yale, Thomson Locations: Bengaluru

Amazon Prime Video will include advertising during shows and movies starting early next year, joining other streaming services that have added different tiers of subscriptions. Members of Amazon Prime can pay $2.99 per month in the U.S. to keep their service ad-free, the company said Friday. Ads in Prime Video content will start in the U.S., U.K., Germany, and Canada in early 2024, followed by France, Italy, Spain, Mexico, and Australia later in the year. Amazon's Prime Video is part of a much bigger slate of perks that come with Amazon Prime membership. In June Amazon was accused by the Federal Trade Commission for allegedly engaging in a yearslong effort to enroll consumers without consent into Amazon Prime and making it difficult for them to cancel their subscriptions.

Persons: Amazon, it's Organizations: Amazon, Disney, Netflix, Amazon Prime, Federal Trade Commission Locations: U.S, Germany, Canada, France, Italy, Spain, Mexico, Australia

☆ US government shutdown: What is it and who would be affected?
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +7 min

Contracts awarded prior to the shutdown would continue, and the Pentagon could place new orders for supplies or services needed to protect national security. NATIONAL PARKS AND NATURAL RESOURCESIt's not clear how the United States' 63 national parks would be affected. They remained open during the 2018-2019 shutdown, through restrooms and information desks were closed and waste disposal was halted. WHITE HOUSEIn 2018-2019 shutdown, the White House furloughed 1,100 of 1,800 staff in the Executive Office of the President. Some offices, such as the National Security Council, continued at full strength, while others like the Office of Management and Budget were scaled back sharply.

Persons: Kevin Wurm, Lockheed Martin, Donald Trump, Pete Buttigieg, Pell, Andy Sullivan, Pete Schroeder, Howard Schneider, Moira Warburton, Scott Malone, Alistair Bell Organizations: U.S, Capitol, REUTERS, Workers, Pentagon, Boeing, Lockheed, Raytheon, The, National Nuclear Security Administration, FBI, Drug Enforcement Administration, Service, Border Patrol, Coast Guard, Federal Trade, AFFAIRS U.S, National Institutes of Health, National Science Foundation, National Oceanographic, Atmospheric Administration, NASA, Space, Disease Control, Prevention, Food and Drug Administration, Securities, Exchange, Commodities, Futures Trading, Federal Reserve, Federal Deposit Insurance Corporation, Currency, Social Security Administration, Veterans Administration, Federal Emergency Management Agency, Education Department, White, Small Business Administration, National Labor Relations, National Security Council, Management, U.S . Postal, Thomson Locations: Washington , U.S, United States

The suit targeted a large doctors’ group that operates anesthesia practices in several states, claiming the group and the private equity firm advising and financing it were consolidating doctors’ groups in Texas so they could raise prices and increase their profits. The agency brought the civil lawsuit in federal court against U.S. Anesthesia Partners and Welsh, Carson, Anderson & Stowe, a private-equity firm in New York. “These tactics enabled USAP and Welsh Carson to raise prices for anesthesia services — raking in tens of millions of extra dollars for these executives at the expense of Texas patients and businesses,” said Lina M. Kahn, the chair of the F.T.C., in a statement. “The F.T.C. will continue to scrutinize and challenge serial acquisitions, roll-ups and other stealth consolidation schemes that unlawfully undermine fair competition and harm the American public.”

Persons: Anderson, Anderson & Stowe, Welsh Carson, ”, Lina M, Kahn Organizations: Federal Trade Commission, U.S, Anesthesia Partners, Anderson & Locations: Texas, Carson, New York

☆ Cramer: Buy stocks now to catch the rally when the Fed ends its tightening cycle
▼ + stars: | 2023-09-21 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Our September meeting comes at a difficult time for the stock market. As I said in a recent Sunday column , money can and will be made in this tightening cycle. With the exception of September and the months of February and August, the stock market has been fairly robust in 2023. This kind of bullish move during a tightening cycle is not exceptional. The market has gained 13% on average when a tightening cycle is completed.

Persons: —, That's, Jim Cramer's, Jim Cramer, Jim, Jerome Powell, Chip Somodevilla Organizations: Treasury, Fed, Arm Holdings, Federal Trade Commission, Activision Blizzard, Microsoft, Jim Cramer's Charitable, CNBC, Federal Reserve, Getty Locations: Washington ,

☆ FTC sues Texas anesthesiology provider to bust monopoly
▼ + stars: | 2023-09-21 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Federal Trade Commission (FTC) Chair Lina Khan testifies before a House Judiciary Committee hearing on "Oversight of the Federal Trade Commission," on Capitol Hill in Washington, July 13, 2023. The Federal Trade Commission on Thursday sued the largest anesthesiology provider in Texas, claiming the company has wielded monopoly power to drive up prices for patients and boost its profits. The FTC asked a federal judge in Houston, Texas, to break up U.S. Anesthesia Partners alleged monopoly power and permanently bar the company from engaging in anticompetitive practices. The agency claims that New York-based private equity firm Welsh, Carson and Stowe founded U.S. Anesthesia Partners in 2012 to pursue an aggressive consolidation strategy that exploited Texas' fragmented market for anesthesiology providers. The FTC complaint says that Welsh Carson sought to make USAP the dominant provider in Texas by hoovering up the numerous independent practices that previously competed against each other, keeping prices lower.

Persons: Lina Khan, Stowe, Welsh Carson, hoovering Organizations: Federal Trade Commission, FTC, Anesthesia Partners Locations: Washington, Texas, Houston , Texas, New York, Carson

AI (Artificial Intelligence) letters are placed on computer motherboard in this illustration taken June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsWASHINGTON, Sept 19 (Reuters) - The deceptive use of artificial intelligence should be a priority for the Federal Trade Commission (FTC), three commissioner nominees said at a confirmation hearing Tuesday in show of bipartisanship on the popular issue. Ferguson was chief counsel to U.S. Senate Republican Leader Mitch McConnell from 2019 until 2021. Asked by Senator John Thune about the FTC's role in enforcing rules involving artificial intelligence, Slaughter said it was the FTC's job to pursue instances where laws against unfair and deceptive acts and practices were broken, whether or not artificial intelligence was used. A previous Republican FTC commissioner, Christine Wilson, quit this year and sharply criticized agency leadership.

Persons: Dado Ruvic, Rebecca Slaughter, Andrew Ferguson, Melissa Holyoak, Ferguson, Mitch McConnell, John Thune, Slaughter, Holyoak, Christine Wilson, Lina Khan, Diane Bartz, Aurora Ellis Organizations: REUTERS, Rights, Federal Trade Commission, Democrat, Senate Republican, Republican, Senate, FTC, Democratic, Thomson Locations: Virginia, Utah

☆ Donald Trump Jr.'s X account was hacked, spokesman says
▼ + stars: | 2023-09-20 | by ( Brian Fung | ) edition.cnn.com time to read: +2 min

Washington CNN —A spokesman for former President Donald Trump said Wednesday that Donald Trump Jr.’s account on X – the platform formerly known as Twitter – had been compromised after the account began sharing a series of unusual and erratic posts. “Don’s account has been hacked,” Andrew Surabian posted on X, adding that a post claiming the former president had died was “obviously not true.”In addition to falsely pronouncing the death of the senior Trump, the compromised account also claimed that Trump Jr. would be running for president himself. Within minutes, the post had been reshared more than 1,000 times on X and viewed hundreds of thousands of times. The incident raises fresh questions about X’s role in securing user accounts, particularly those belonging to high-profile political figures as the platform prepares for the 2024 elections. It is also unclear whether the compromise may have resulted in unauthorized access of Trump Jr.’s private direct messages, or whether Trump Jr. may have had two-factor authentication enabled on his account.

Persons: Washington CNN —, Donald Trump, Donald Trump Jr, Twitter –, Andrew Surabian, “, Trump, Joe Biden, X, Elon Musk, Peiter “ Mudge ” Zatko, Barack Obama, Jeff Bezos, Biden, Musk Organizations: Washington CNN, Twitter, Trump, Trump Jr, Federal Trade Commission, CNN, Washington Post, Amazon Locations: North Korea

☆ Biden administration forgives $37 million in student debt for defrauded borrowers
▼ + stars: | 2023-09-20 | by ( Annie Nova | ) www.cnbc.com time to read: +2 min

The Biden administration announced Wednesday it would cancel nearly $37 million in student debt for more than 1,200 students who attended the University of Phoenix. The borrower defense program allows borrowers who can prove they've been misled or defrauded by their schools to get their federal student loans voided. "The University of Phoenix brazenly deceived prospective students with false ads to get them to enroll," said Richard Cordray, the federal student aid chief operating officer. The FTC had obtained internal emails, as well as advertisement materials and recorded phone calls with prospective Phoenix students. "Phoenix management was aware that the corporate relationships the school claimed to have did not exist," the Education Department said.

Persons: Biden, they've, University of Phoenix brazenly, Richard Cordray, Goldman Sachs, ‘ Organizations: University of Phoenix Chicago, University of Phoenix, U.S . Department of Education, University, Phoenix's, Fortune, Education Department, Finance, Federal Reserve, Federal Trade Commission, FTC, Phoenix Locations: Schaumburg , Illinois

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). AdvertisementAdvertisementI've learned a lot about how to make travel painless, and I always use a travel rewards credit card. Some travel credit cards even offer bonus points that apply when you book airfare directly with airlines. However, credit cards come with more robust protections when it comes to disputes thanks to the Fair Credit Billing Act. 5. Credit cards have zero fraud liabilityFinally, credit cards come with zero fraud liability, which is incredibly important when you're making pricey purchases online (e.g., buying airfare through an airline website or mobile app) and trying to prevent credit card fraud before it happens.

Persons: I've, There's Organizations: Service, ®, American, Delta, Federal Trade Commission Locations: Wall, Silicon, Delta

An Amazon worker moves boxes on Amazon Prime Day in the East Village of New York City, July 11, 2023. The Federal Trade Commission on Wednesday updated its complaint against Amazon for its "deceptive" Prime sign-up and cancellation processes, adding three senior executives as defendants. Top Amazon executives overseeing Prime downplayed employee concerns about members of the popular subscription program being enrolled without their consent, the amended complaint alleges. Subscription services revenue, which includes Prime memberships, totaled $9.8 billion in Amazon's most recent quarterly earnings report. Amazon executives and employees met in 2018 about "Project Lucent," where the primary objective was to discuss "how many Prime signups [is] Amazon .

Persons: Russell Grandinetti, Jamil Ghani, Neil Lindsay, Grandinetti, Lindsay, Andy Jassy's, Ghani, Tim Doyle, Doyle, Mark Zuckerberg, Meta, Zuckerberg Organizations: Amazon, Federal Trade Commission, Top Amazon, Lucent, FTC Locations: East, New York City, Amazon's, Arlington , Virginia

☆ Microsoft's Xbox plans revealed in emails tied to FTC case
▼ + stars: | 2023-09-19 | by ( Kevin Collier | ) www.cnbc.com time to read: +2 min

An attorney with the Federal Trade Commission (FTC) carries an XBOX game console box following a hearing at the Phillip Burton Federal Building and U.S. A huge collection of purported Xbox files related to the Federal Trade Commission's case against Microsoft have been published online, spilling some of the company's plans for the gaming console into public view. They include more than 100 documents, many of them partially redacted, related to Microsoft's Xbox plans. The files include emails from corporate executives like Microsoft Gaming CEO Phil Spencer and timetables for gaming releases. Some of the documents include Microsoft Gaming senior employees discussing the value of the exclusive hold they have on key video game titles.

Persons: Phillip Burton, Douglas Farrar, Phil Spencer, It's Organizations: Federal Trade Commission, Phillip Burton Federal Building, Federal Trade, Microsoft, U.S, Northern, Northern District of, Activision Blizzard, NBC News, Microsoft Gaming, Sony, Elder Locations: San Francisco , California, Northern District, Northern District of California

☆ Microsoft projects two new areas of growth for gaming, leaked document says: Mobile and ads
▼ + stars: | 2023-09-19 | by ( Jordan Novet | ) www.cnbc.com time to read: +4 min

The document does not mention the $68.7 billion Activision deal, which had been announced months earlier. It shows gaming revenue doubling to $36 billion in the 2030 fiscal year, compared with a forecast of $18 billion for the 2022 fiscal year. Actual fiscal 2022 gaming revenue totaled $16.23 billion, according to an annual report. And it indicated that management saw revenue from mobile transactions reaching $2.6 billion, compared with none in fiscal 2022. The total of the two categories is $4 billion, or 11% of total gaming revenue.

Persons: Jacqueline Scott Corley, Corley, Phil Spencer, Candy, Spencer, Amy Hood Organizations: Microsoft, Federal Trade Commission, Activision Blizzard, U.S, Northern, Northern District of, Activision, Twitter, Yahoo, Xbox, King Digital Entertainment, United Kingdom's, Markets Authority, Ubisoft Locations: Northern District, Northern District of California

☆ How to get your share of the $245 million Fortnite settlement
▼ + stars: | 2023-09-19 | by ( Lauren Feiner | ) www.cnbc.com time to read: +2 min

The Federal Trade Commission on Tuesday said it has begun notifying more than 37 million people that they may be entitled to compensation from a settlement with game maker Epic Games. The FTC alleged late last year that Epic Games used deceptive design tactics to get players to make unwanted purchases. In total, Epic agreed to pay $245 million to consumers to settle the FTC complaint, in an agreement finalized in March. It will also pay a $275 million penalty to settle allegations it violated the Children's Online Privacy Protection Act Rule. WATCH: Apple's fight with Epic Games is part of a larger antitrust battle

Persons: Jan, It's Organizations: Federal Trade Commission, Epic, FTC

☆ FTC Chairwoman Lina Khan reportedly had to write her credit card number on a piece of paper to check in at the MGM Grand when its computers were down in the cyberattack
▼ + stars: | 2023-09-16 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

MGM Resorts suffered a cyberattack that affected its reservation system and casino games. Guests trying to check in at the MGM Grand Hotel in Las Vegas had to do so manually. Among those 45 patrons was FTC chairwoman Lina Khan, the outlet reported. The FTC didn't immediately respond to Insider's request for comment, but a spokesperson for the agency confirmed to Bloomberg that Khan was in Las Vegas. AdvertisementAdvertisement"MGM Resorts recently identified a cybersecurity issue affecting some of the Company's systems," a statement on MGM Resorts International's website reads.

Persons: Lina Khan, Khan, shrugged, FTC didn't Organizations: MGM Resorts, MGM, Service, Federal Trade Commission, Las, Bloomberg, Caesars Entertainment, FTC Locations: Las Vegas, Wall, Silicon

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