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  • Supreme Court seems likely to allow class action to proceed against tech company Nvidia

    Supreme Court seems likely to allow class action to proceed against tech company Nvidia

    WASHINGTON — The Supreme Court on Wednesday seemed likely to keep alive a class-action lawsuit accusing Nvidia of misleading investors about its dependence on selling computer chips for the mining of volatile cryptocurrency.

    The justices heard arguments in the tech company’s appeal of a lower-court ruling allowing a 2018 suit led by a Swedish investment management firm to continue.

    It’s one of two high court cases involving class-action lawsuits against tech companies. Last week, the justices wrestled with whether to shut down a multibillion-dollar class action investors’ lawsuit against Facebook parent Meta stemming from the privacy scandal involving the Cambridge Analytica political consulting firm.

    On Wednesday, a majority of the court that included liberal and conservative justices appeared to reject the arguments advanced by Neal Katyal, the lawyer for Santa Clara, California-based Nvidia.

    “It’s less and less clear why we took this case and why you should win it,” Justice Elena Kagan said.

    The lawsuit followed a dip in the profitability of cryptocurrency, which caused Nvidia’s revenues to fall short of projections and led to a 28% drop in the company’s stock price.

    In 2022, Nvidia paid a $5.5 million fine to settle charges by the Securities and Exchange Commission that it failed to disclose that cryptomining was a significant source of revenue growth from the sale of graphics processing units that were produced and marketed for gaming. The company did not admit to any wrongdoing as part of the settlement.

    Nvidia has led the artificial intelligence sector to become one of the stock market’s biggest companies, as tech giants continue to spend heavily on the company’s chips and data centers needed to train and operate their AI systems.

    That chipmaking dominance has cemented Nvidia’s place as the poster child of the artificial intelligence boom — what CEO Jensen Huang has dubbed “the next industrial revolution.” Demand for generative AI products that can compose documents, make images and serve as personal assistants has fueled sales of Nvidia’s specialized chips over the last year.

    Nvidia is among the most valuable companies in the S&P 500, worth over $3 trillion. The company is set to report its third quarter earnings next week.

    In the Supreme Court case, the company is arguing that the investors’ lawsuit should be thrown out because it does not measure up to a 1995 law, the Private Securities Litigation Reform Act, that is intended to bar frivolous complaints.

    A district court judge had dismissed the complaint before the federal appeals court in San Francisco ruled that it could go forward. The Biden administration is backing the investors.

    A decision is expected by early summer.

    ___

    Associated Press writer Sarah Parvini in Los Angeles contributed to this report

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  • Judge rules the FTC can proceed with antitrust lawsuit against Amazon, tosses out few state claims

    Judge rules the FTC can proceed with antitrust lawsuit against Amazon, tosses out few state claims

    A federal judge said the Federal Trade Commission can proceed with its landmark antitrust lawsuit against Amazon. But, he also gave the company a small victory by tossing out a few claims made by states involved in the legal fight.

    The order, issued last week by Judge John H. Chun and unsealed on Monday, is a major defeat for Amazon, which has tried for months to get the case tossed out in court. A trial in the case is slated to be held in October 2026.

    “We are pleased with the court’s decision and look forward to moving this case forward,” FTC spokesperson Doug Farrar said in a prepared statement. “The ways Amazon illegally maintains its monopolies and the harm they cause—including suppressed competition and higher prices for shoppers and sellers—will be on full display at trial.”

    The FTC and the attorneys general of 18 states, plus Puerto Rico, have alleged in court the e-commerce behemoth is abusing its position in the marketplace to inflate prices on and off its platform, overcharge sellers and stifle competition that pops up on the market.

    The lawsuit, which was filed in September 2023, is the result of a yearslong investigation into the company’s business and is one of the most significant legal challenges brought against Amazon in its nearly 30-year history.

    U.S. regulators and state attorneys general are accusing the online retailer of violating federal and state antitrust and consumer protection laws.

    In the order, Judge Chun, of the U.S. District Court for the Western District of Washington, allowed the federal challenges and many of the state claims to proceed. But he dismissed some claims made by New Jersey, Pennsylvania, Oklahoma and Maryland under state antitrust or consumer protection laws.

    Amazon, for its part, expressed confidence that it could prove its argument in court as the case proceeds

    “The ruling at this early stage requires the court to assume all facts alleged in the complaint are true. They are not,” Tim Doyle said in a statement, adding that the agency’s case “falsely” claims consumers only consider popular sites Walmart.com, Target.com, Amazon, and eBay when shopping for household products.

    “Moving forward the FTC will have to prove its claims in court, and we’re confident those claims will not hold up when the FTC has to prove them with evidence,” Doyle said. He also asserted the FTC’s approach “would make shopping more difficult and costly.”

    The FTC is also suing Meta Platforms over alleged monopolistic practices, while the Department of Justice has brought similar lawsuits against Apple and Google, with some success.

    In August, a federal judge ruled that Google’s ubiquitous search engine is illegally exploiting its dominance to squash competition and stifle innovation.

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