The Federal Trade Commission (FTC) has leveled serious allegations against Amazon.com Inc. (NASDAQ: AMZN), claiming the e-commerce giant engaged in deceptive practices that increased consumer prices by over a billion dollars.
What Happened: Details from a previously filed lawsuit in September came to light after a federal court in Seattle released a version with fewer redactions.
According to the FTC, Amazon utilized a covert algorithm, known internally as "Project Nessie," to artificially raise prices on certain items, anticipating that competitors would mirror these increases.
This tactic, the FTC asserts, directly siphoned more than a billion dollars from American wallets, as Reuters reported.
Responding to these allegations, Amazon spokesperson Tim Doyle said that the FTC grossly ...