Klarna shares rise as Swedish court hits Google with record fine
The ruling stems from a long-running battle over Google's dominance in comparison shopping, with roots in the EU's landmark 2017 antitrust decision
Klarna Group plc (KLAR) rose 7% in pre-market trading on Wednesday after its PriceRunner unit won nearly $2 billion in damages from Google in a Swedish antitrust lawsuit.
The award is substantially below the 80 billion Swedish kronor ($8.2 billion) originally requested but still represents one of the largest competition damages judgments in Sweden’s history.
The litigation follows the European Commission’s 2017 decision to fine Google €2.4 billion for unlawfully favoring its own comparison shopping service over competing websites.
After the EU’s highest court upheld the decision, companies affected by Google’s conduct were able to pursue follow-on damages claims without having to prove the underlying antitrust violations.
Klarna said the damages compensate for years of lost business caused by Google’s preferential treatment of its own services, adding that the practice also harmed consumers by limiting competition.
The decision can be appealed, while Google continues to contest similar claims elsewhere in Europe, including a €573 million damages ruling in Germany.