Google Ordered to Pay $1.97 Billion to Swedish Fintech Klarna for Antitrust Violation
A Swedish court has ruled that Google must pay $1.97 billion in damages to the fintech company Klarna for violating antitrust laws. Klarna, known for pioneering the modern 'buy now, pay later' payment sector, filed the lawsuit through its price comparison division, PriceRunner, in 2022. PriceRunner accused Google of favoring its own payment comparison service in search engine results, which led to Klarna seeking $8.2 billion in compensation.
The court dismissed most of Klarna's claims but found Google liable for lost revenue due to its preferential treatment in search rankings. Judge Linda Kolberg described the awarded sum as the largest antitrust compensation ever set in Sweden. Google has the right to appeal the decision and is expected to do so.
Klarna responded positively to the ruling, stating that a well-functioning market benefits everyone by offering consumers better quality at lower prices and encouraging companies to focus on customer service rather than protecting market dominance. Google, meanwhile, expressed disagreement with the verdict and is reviewing its legal options.
