In the ongoing Federal Trade Commission (FTC) legal battle against Amazon over alleged antitrust violations, a surprising revelation has come to light. Newly disclosed court documents reveal that Amazon had a hidden strategy to artificially raise prices, resulting in over $1 billion being collected from American households.
Newly unredacted portions of the Federal Trade Commission s antitrust lawsuit against Amazon reveal allegations that the company used a secret algorithm, codenamed "Project Nessie," to raise prices on other online sites and deliberately deleted internal communications. The FTC claims that Amazon generated over $1 billion in excess profits through the algorithm and violated antitrust laws. Amazon denies the allegations, stating that the claims are baseless and irresponsible.
Amazon used a secret algorithm to boost prices to U.S. households by more than $1 billion, says the FTC in ia new court filing. "The FTC lawsuit was filed in September but many details were withheld until Thursday when a version of the lawsuit with fewer redactions was made public in U.S. District C.