Stocks slip…Supreme Court says Google class-action case should be revisited…EU fines Google $1.7 billion
NEW YORK (AP) – Stocks are lower in early trading on Wall Street ahead of this afternoon’s interest rate policy decision by the Federal Reserve. Health care and technology companies led the market lower as investors favored safer holdings in the utilities and real estate sectors. Microsoft and Apple edged lower, dragging other technology stocks down with them. Johnson & Johnson and UnitedHealth Group fell 1.1 percent, weighing down their peers in the health care industry.
WASHINGTON (AP) – The Supreme Court is telling a lower court to take another look at a class-action settlement involving Google and privacy concerns. The high court says in an unsigned opinion that lower courts should address whether those who sued had the ability to do so. Google agreed to settle the class action for users of its search function between 2006 and 2014. Of the $8.5 million, $2.1 million went to lawyers, $1 million paid administrative costs and $5.3 million was set aside for six organizations that deal with internet privacy issues. The individuals who initially sued received $5,000 each, while the millions of Google users they represented received nothing.
BRUSSELS (AP) – European Union regulators have hit Google with a fine of nearly $1.7 billion for abusing its dominant role in online advertising. The EU’s competition commissioner announced the results of the long-running probe of Google’s AdSense advertising business case at a news conference in Brussels today. It’s the third time the commission has slapped Google with an antitrust penalty, following multibillion-dollar fines resulting from separate probes into two other parts of the Silicon Valley giant’s business.
BERLIN (AP) – Prime Minister Theresa May has asked the European Union to delay Britain’s departure from the European Union until June 30. The U.K. is currently due to leave the bloc in nine days, but Parliament has twice rejected May’s divorce deal with the EU. May told European Council President Donald Tusk in a letter seeking the extension that she intends to try a third time to get the deal approved.
IRVING, Texas (AP) – Nexstar is selling 19 television stations for $1.32 billion as part of its buyout deal with Tribune Media. Nexstar agreed in December to buy Chicago’s Tribune Media for about $4 billion. Part of that agreement requires Nexstar to sell certain television stations in order to comply with the FCC local and national television ownership rules and to get FCC and Justice Department approval of the Tribune Media transaction.