European Commission Slaps $3.5 Bln Fine On Google For Breaching Anti-Trust Rules

(RTTNews) - The European Commission has fined Alphabet Inc.'s (GOOG) Google with an amount of 2.95 billion euro, equivalent to $3.5 billion, for breaching the agency's antitrust rules by favoring its own online display advertising technology services.

The Commission has ordered the tech giant to bring these self-preferencing practices to an end, and to implement measures to cease its inherent conflicts of interest along the adtech supply chain.

As per the agency's statement, Google has now 60 days to inform the Commission about the measures it intends to propose to that effect.

After receiving Google's response, the Commission would thoroughly access them to see if they eliminate the conflicts of interest. If they didn't, the Commission will then proceed to impose an appropriate remedy.

Currently, GOOG is trading at $235.02, up 1.01 percent on the Nasdaq.