A new chapter in the dispute between Apple (NASDAQ:AAPL) and Fortnite creator Epic Games began after the latter filed an appeal to have some of a lower court’s pro-Apple antitrust judgments overturned.
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Last year after a trial, a U.S. District judge pointed out that Epic did not furnish enough proof to rule Apple as illegally monopolistic. Thereafter, the trial was to some extent ruled in favor of Apple. Court filings suggest that Epic is preparing to argue that the trial judge had misinterpreted U.S. antitrust laws.
For context, Epic had raised doubts about Apple’s operation practices saying that the commission charged on revenue generated through the App Store is exorbitantly high. Thus ensued a legal battle that has been dragging on for two years now, with billions of dollars at stake for both companies.
The Department of Justice, which has famously been scrutinizing Apple and other big-tech companies, showed interest in supporting Epic’s appeal because it believes that the lower court ruling could negatively impact the credibility of antitrust enforcement in other cases as well.
Is Apple Stock Expected to Rise?
AAPL stock is expected to grow 21% over the next 12 months to $179.52. Moreover, Wall Street is bullish about the stock’s prospects in general, with a Strong Buy rating based on 21 Buys and four Holds.
