Amazon made $1 billion through secret price raising algorithm -US FTC
Amazon made $1 billion through secret price raising algorithm -US FTC
Amazon.com used a series of illegal strategies to boost profits at its online retail empire, including an algorithm that pushed up prices U.S. households paid by more than $1 billion, the U.S. Federal Trade Commission detailed in a new court filing on Thursday.
You're viewing a single thread.
So, where do we sign up for the class action?
So you can get 5c and the lawyers get 95c for each dollar?
No.
Because I don't trust the FTC fines to be enough to discourage Jeff's actions.
An expensive class action would help hold him accountable.
Plus, he got rid of the mandatory arbitration agreement. So Amazon is open to a class action on this as far as I know.
Jeff Bezos isn't even the CEO of Amazon anymore.
Still the largest shareholder
That's kind of moving the goal posts. The shareholders definitely put pressure on the CEO and leadership of a company. And I think they should be held responsible in some cases for the fallout of badly enacted anti-consumer policies. On the other hand though, the CEO is the leadership who is held responsible for enacting policy.
Honestly better than amazon having it
It's probably something they already budget for. I would argue for lawyers fees being capped and the fines being 5x the value of the damage done.