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Technology News Today highlights on October 29, 2024: Google faces €2.4 billion penalty: How a UK couple won 15-year legal battle against the tech giant
Livemint
·
9m ago
Medial
There is a 15-year legal battle between a UK couple and Google, which has resulted in a €2.4 billion penalty for the tech giant.
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Related News
Elon Musk does not owe ex-Twitter staffers $500 million in severance, court rules
TechCrunch
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1y ago
Medial
Elon Musk has won a lawsuit that accused him of not providing promised severance pay to more than 6,000 former Twitter employees following his takeover of the company in 2022. The lawsuit claimed that these employees were owed more severance than they received, as stipulated in Twitter's Severance Plan. However, a federal judge ruled that the Employee Retirement Income Security Act (ERISA) protections did not apply in this case. This is not the only legal battle Musk faces over the mass firings, as other lawsuits from former executives and senior employees seek severance payments.
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ETtech Explainer: Inside Amazon’s victory against Future Group in Reliance deal - The Economic Times
Economic Times
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1m ago
Medial
Amazon won a legal battle against Future Group, as the Singapore International Arbitration Centre ruled Future violated a contract by selling its retail business to Reliance in 2020. Despite investing $200 million in Future, Amazon was awarded only Rs 23.7 crore in damages, far less than its Rs 1,436 crore claim. The battle stemmed from Amazon's contractual right to block Future's sale, highlighting tensions in India's competitive retail landscape.
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US FTC tries again to stop Microsoft's already-closed deal for Activision
Economic Times
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1y ago
Medial
The US Federal Trade Commission (FTC) is making another attempt to halt Microsoft's $69 billion acquisition of Activision Blizzard, arguing that the federal judge's ruling was incorrect. The FTC claims that the judge held the agency to too high a standard and is expected to argue that the judge was wrong to rely on previous deals Microsoft made with rivals. The legal battle is part of the Biden administration's broader efforts to challenge mergers and price hikes. The judge's ruling allowed Microsoft to close the deal in October, with approval from EU and UK regulators.
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How a UK couple won 15-year legal battle against Google
Livemint
·
9m ago
Medial
Google has been ordered to pay a penalty of €2.4 billion ($2.7 billion) by the European Court of Justice (ECJ) for abusing its market dominance in favor of its shopping services. The court upheld the European Commission's 2017 ruling that found Google guilty of antitrust violations. UK entrepreneurs Shivaun and Adam Raff, founders of price comparison website Foundem, had filed complaints after their website suffered from biased search algorithms. This ruling sets an important precedent for regulating the practices of major tech companies.
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British man cannot be extradited to US over fake cryptocurrency scheme, rules court
Economic Times
·
1y ago
Medial
A British man facing charges for his alleged involvement in a $4-billion cryptocurrency Ponzi scheme has won his battle against extradition to the US. Christopher Hamilton, indicted by a New York grand jury in 2019, will instead face prosecution in the UK. The judge ruled that most of the alleged money laundering took place in the UK and that British police and prosecutors should investigate the case. Hamilton's appeal against extradition was upheld, overturning the previous approval. His lawyers declined to comment while the Crown Prosecution Service is considering the judgment.
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Byju’s investors seek shareholder details before pivotal EGM
The Arc Web
·
1y ago
Medial
Byju Raveendran, the owner of Byju's, has won a battle as the National Company Law Tribunal (NCLT) rejected the request to delay an extraordinary general meeting (EGM). The EGM, set for March 29, aims to get approval for a $200 million capital raise at a significant valuation cut for Byju's. However, major investors, including Prosus and General Atlantic, asked for the EGM to be postponed. The investors also requested access to the latest list of shareholders and outstanding shares. Byju's needs the capital to address financial issues and to revive its business.
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Lessons from Byju's. What not to do while building a startup.
Inc42
·
1y ago
Medial
BYJU'S, once celebrated as an edtech beacon, faces challenges, with reports of cofounder and group CEO Byju Raveendran under pressure to reduce operational involvement. Recent setbacks include the departure of the group CTO, a legal battle with the Board of Control for Cricket in India (BCCI), and a significant markdown in valuation by Netherlands-based Prosus.
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Food delivery startup Bolt’s UK tax tribunal win could be good for Uber
Economic Times
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1y ago
Medial
Estonian ride-hailing and food delivery startup Bolt recently won a significant victory against HM Revenue and Customs (HMRC) in a tax tribunal in the UK. Bolt argued that it should be eligible for a tax scheme called the Tour Operators Margin Scheme (TOMS), which would only require them to pay value added tax (VAT) on their margin. The tribunal ruled in Bolt's favor, stating that their services are similar to those provided by tour operators or travel agents. This ruling could potentially benefit Bolt's rival, Uber, in their ongoing tax battle with HMRC.
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Byju’s wins legal tussle over stake dispute with Aakash Institute
Business Today
·
1y ago
Medial
Edtech startup Byju's has won a legal battle against its lenders in a dispute over its subsidiary Aakash Institute. The civil court in Bengaluru dismissed the plea by Byju's lenders challenging the acquisition of a 40% stake in Aakash Institute by Manipal Group Chairman Ranjan Pai. The lenders argued that the debt-to-equity conversion at a reduced valuation harmed Byju's parent company, but the court ruled against them. This victory comes amidst various challenges faced by Byju's, including insolvency proceedings and board disputes.
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PayPal registers with FIU under anti-money laundering law
Economic Times
·
1y ago
Medial
PayPal has registered with the Financial Intelligence Unit of India, complying with the country's anti-money laundering laws after a legal battle with the agency. The online payments service provider has completed the necessary procedures and appointed a principal officer to communicate with the FIU. This move comes following a penalty imposed by the FIU against PayPal for not registering as a reporting entity, which was later quashed by the Delhi High Court. The company is now adhering to the Reserve Bank of India's regulatory framework and has submitted the required documents to the FIU.
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