Google Sued Over Claims of Excess Advertising Fees
Google is now being sued over accusations that it overcharged advertisers who use the Web search giant’s paid search advertising program. Shares of Google (GOOG) are down $1.53 for the day as a result of the news. Shares of Google had a record close of $313.94 on July 21 and is currently trading today at $289.72.
The proposed class-action suit, filed on August 3 in State Superior Court in Santa Clara, California, accuses Google of charging in excess of advertisers’ “daily budgets,” under which Google allows an advertiser to limit how much it spends each day. Lawyers for the proposed suit were not available to comment. The suit seeks unspecified monetary damages and was filed on behalf of CLRB Hanson Industries LLC in Minnesota and other advertisers. Google said the allegations had no basis.
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