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Amazon, which has 1 billion items in its online superstore, created a "secret algorithm internally code named 'Project Nessie' to identify specific products for which it predicts other online stores will follow Amazon's price increases. ... Amazon used Project Nessie to extract more than a billion dollars directly from Americans' pocketbooks," the FTC said.
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 Court in Seattle.
Amazon made over $1 billion using an algorithm that strategically raised the prices of the products on the platform, alleges the FTC.
Amazon, which has 1 billion items in its online superstore, created a "secret algorithm internally called 'Project Nessie' to identify specific products for
Amazon is accused of violating federal and state antitrust laws, but the company has responded with a full-throated defense of its business practices.