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States and US watchdog sue over Amazon ad pricing
The US FTC and 22 states have filed a lawsuit against Amazon, accusing the company of secretly overcharging over a million advertising customers by manipulating online auction prices used for ad placements. The lawsuit alleges Amazon replaced actual auction results with higher prices to boost profits, netting an estimated $20 billion since 2019, and passed additional costs onto consumers. Amazon denies the claims, stating it disagrees with the lawsuit and argues that the FTC misunderstands how advertisers bid, while the company's shares fell 2.5% following the announcement.
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