South Korean e-commerce company Coupang filed a lawsuit against the Fair Trade Commission's (FTC) 162.8 billion won fine for allegedly manipulating its search algorithm to prioritize its private label (PB) products, Pulse News reported Monday.
Coupang and its PB products subsidiary CPLB submitted the lawsuit to the Seoul High Court on Sept. 5, seeking to overturn the FTC's decision, the report said.
The FTC ruling, which includes corrective orders, could be finalized via appeals to higher courts, it said.
(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.)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.