Google and Facebook sued in class action in crypto-advertising
A class action has been launched against Google and Facebook in Australia alleging that they breached competition law through a ban on all crypto-advertising.
The action is brought by JPB Liberty CEO Andrew Hamilton in the Australian Federal Court. Reports state that the class comprising crypto industry members and investors has incurred $600 million in damages claims, potentially increasing to $300 billion. In addition to damages, the action seeks an order that Facebook and Google provide free advertising to the class members
JPB Liberty was established to pursue litigation “against those who attack the Cryptocosm [companies powered by blockchain technologies] unlawfully”.
The lawsuit has an interesting parallel in Europe where in August 2019 the European Commission opened a preliminary investigation into Facebook’s Libra over concerns with its data collection practices. However, it appears that Facebook has more limited plans for Libra. Also in 2019 the Australian Competition and Consumer Commission released its digital platform inquiry report finding that Google and Facebook have substantial market power in multiple segments of their markets. This echoed concerns of the UK Competition and Markets Authority in its own probe into the sector
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