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Apple CFO defends App Store pricing in U.K. class action trial

In a landmark U.K. class action antitrust trial, Apple's newly appointed chief financial officer, Kevan Parekh, has refuted allegations that the App Store enjoys profit margins of around 75%. He said: "I wouldn't say they're accurate," in response to claims made by barrister Michael Armitage, who cited evidence from U.S. litigation suggesting high operating margins. The £1.5bn ($1.8bn) case, led by class representative Rachael Kent, accuses Apple of monopolistic practices by compelling developers to use its App Store for app distribution. The claimants argue that the "excessive and unfair" commissions charged by Apple are ultimately passed on to consumers. Apple, however, contends that its integrated system offers significant benefits and faces intense competition in the market. London's City AM notes that there are over 20 class actions now active in the U.K. against Apple, Google and its parent firm Alphabet, Microsoft and Meta, with an estimated total of more than £30bn ($36bn) in alleged damages.

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