Apple stock plunged nearly 6% Monday after the U.S. Supreme Court ruled that Apple customers can sue the company over prices on its App Store.
The 5-to-4 ruling lets consumers move forward with a long-running lawsuit that claims Apple (ticker: AAPL) is using its market dominance to inflate prices via a 30% commission at its App Store. Consumers are seeking hundreds of millions of dollars in penalties.
“Apple’s line-drawing does not make a lot of sense, other than as a way to gerrymander Apple out of this and similar lawsuits,” Justice Brett Kavanaugh wrote in the opinion, in which he joined the court’s liberal wing.