Google to pay $700m antitrust fine

Google parent company Alphabet will pay $700.0m and make allowances for greater competition in its Play app store, according to the terms of its recent antitrust settlement.

Google was accused of overcharging consumers via unlawful restrictions on the distribution of apps on its Android devices and unnecessary fees for in-app transactions.

While the company did not admit to any wrongdoing, it will fork out $630.0m into a settlement fund for consumers and $70.0m into a fund that will be used by US states.

The settlement said eligible customers will receive at least $2.00 and could be eligible for additional payments depending on their spending on Google Play between 16 August 2016 and 30 September 2023.

All 50 US states, the District of Columbia, Puerto Rico and the Virgin Islands, joined the settlement. Lawyers for the states said the settlement terms "will offer significant, meaningful, long-lasting relief" for consumers throughout the country.

The states' attorneys added that "no other US antitrust enforcer has yet been able to secure remedies of this magnitude from Google" or any other major digital platform.

As of 0945 GMT, Alphabet shares were up 0.044% in pre-market trading at $135.86 each.

Reporting by Iain Gilbert at Sharecast.com