Market Chatter: Google Agrees to Pay $100 Million to Settle Advertisers' Lawsuit

MT Newswires Live03-28

Alphabet's (GOOG, GOOGL) Google has agreed to pay $100 million in cash to settle a US class action lawsuit that accused it of overcharging advertisers, Reuters reported Friday, citing a preliminary settlement filed late Thursday in California federal court.

The class action alleged that Google failed to give promised discounts and charged for clicks on ads outside the geographic areas targeted by advertisers, according to the report.

The report said a judge's approval is required for the settlement, which covers advertisers who used AdWords, now known as Google Ads, between Jan. 1, 2004, and Dec. 13, 2012.

The search engine operator denied wrongdoing in agreeing to settle, according to the report. "This case was about ad product features we changed over a decade ago and we're pleased it's resolved," spokesman Jose Castaneda was quoted as saying in the report.

Google didn't immediately respond to a request for comment from MT Newswires.

Shares were down more than 2% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.

Price: 159.95, Change: -4.13, Percent Change: -2.52

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