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Venmo, Money App customers sue Apple over peer-to-peer cost charges

Venmo, Money App customers sue Apple over peer-to-peer cost charges

2023-11-20 13:27:06

The Apple Inc. logo is seen hanging at the entrance to the Apple store on 5th Avenue in Manhattan, New York, U.S., October 16, 2019. REUTERS/Mike Segar/

The Apple Inc. brand is seen hanging on the entrance to the Apple retailer on fifth Avenue in Manhattan, New York, U.S., October 16, 2019. REUTERS/Mike Segar/File Picture Acquire Licensing Rights

Nov 20 (Reuters) – Apple Inc (AAPL.O) has been sued by Venmo and Money App prospects in a proposed class motion claiming the iPhone maker abused its market energy to curb competitors for cell peer-to-peer funds, inflicting customers to pay “quickly inflating costs.”

4 customers in New York, Hawaii, South Carolina and Georgia filed the lawsuit on Friday in San Jose, California, federal court docket. They alleged Apple violated U.S. antitrust legislation by way of its agreements with PayPal’s (PYPL.O) Venmo and Block’s (SQ.N) Money App.

Apple’s agreements restrict “characteristic competitors” inside peer-to-peer cost apps, together with prohibiting present or new platforms from utilizing “decentralized cryptocurrency expertise,” the grievance stated.

The lawsuit seeks an injunction that might drive Apple to divest or segregate its Apple Money enterprise.

Cupertino, California-based Apple, the one defendant within the case, didn’t instantly reply to a request for remark.

Representatives for PayPal and Block, which weren’t sued, didn’t instantly reply to requests for remark.

The plaintiffs’ attorneys on the legislation agency Bathaee Dunne declined to remark.

The case provides to Apple’s latest antitrust complications. A U.S. choose in California in September ruled that cost card issuers can sue Apple over alleged anticompetitive practices involving its Apple Pay cell pockets.

Apple in one other case has asked the U.S. Supreme Court docket to overturn an order in a lawsuit from “Fortnite” online game maker Epic Video games difficult restrictions on in-app cost processing.

Peer-to-peer funds enable one person to ship cash through a cell system on to the account of one other person.

The plaintiffs within the new lawsuit alleged Apple, Venmo and Money App “have repeatedly raised costs for transactions and companies with no aggressive examine.”

They argued {that a} peer-to-peer app based mostly on “decentralized” crypto expertise “would enable iPhone customers to ship funds to one another with none middleman in any respect.”

The lawsuit stated Apple has excluded from its App Retailer a minimum of two Bitcoin pockets apps, Zeus and Damus, which is backed by Block founder Jack Dorsey.

The case is Lamartine Pierre et al v. Apple Inc, U.S. District Court docket, Northern District of California, No. Case 5:23-cv-05981.

For plaintiffs: Yavar Bathaee and Brian Dunne of Bathaee Dunne

For Apple: No look but

See Also

Learn extra:

PayPal sued in US consumer case over ‘industry-high’ transaction fees

Apple asks US Supreme Court to strike down Epic Games order

Apple is ordered to face Apple Pay antitrust lawsuit

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Reporting by Mike Scarcella

Our Requirements: The Thomson Reuters Trust Principles.

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