SpaceX Insider Share Sale Values Company Near $800 Billion Amid IPO Speculation 
SpaceX Begins IPO Preparations as Wall Street Banks Line Up for Advisory Roles 
Nomura Expands Alternative Assets Strategy With Focus on Private Debt Acquisitions 
Ireland Limits Planned Trade Ban on Israeli Settlements to Goods Only 
Coca-Cola’s Costa Coffee Sale Faces Uncertainty as Talks With TDR Capital Hit Snag 
ASX Shares Slide After ASIC Imposes A$150 Million Capital Requirement 
California Jury Awards $40 Million in Johnson & Johnson Talc Cancer Lawsuit 
Fortescue Expands Copper Portfolio With Full Takeover of Alta Copper 
Trump Sues BBC for Defamation Over Edited Capitol Riot Speech Clip 
SUPERFORTUNE Launches AI-Powered Mobile App, Expanding Beyond Web3 Into $392 Billion Metaphysics Market 
South Korea Extends Bond Market Stabilization Measures Amid Rising Financial Risks 
Bank of Japan Poised for Historic Rate Hike as Inflation Pressures Persist 
Intel’s Testing of China-Linked Chipmaking Tools Raises U.S. National Security Concerns 
Gold and Silver Prices Dip as Markets Await Key U.S. Economic Data 
Asian Stocks Slide as Central Bank Decisions and Key Data Keep Investors Cautious 
Biren Technology Targets Hong Kong IPO to Raise $300 Million Amid China’s AI Chip Push 
United Airlines Flight to Tokyo Returns to Dulles After Engine Failure During Takeoff 
Sony Playstation is facing a class action lawsuit in the United Kingdom for allegedly ripping off its customers. The £5 billion case claimed that video game console maker overcharged millions of users.
As per BBC News, Sony PlayStation has been accused of taking advantage of its customers by selling overpriced games and other in-game items. A group led by consumer rights activist, Alex Neill, took legal action, and they are confident that almost nine million users will be compensated.
They claimed that Sony PlayStation violated some consumer rights, including the competition law, by imposing unfair terms and conditions for game publishers and developers and hiking up prices. The group filed the case at the Competition Appeal Tribunal and stated the gaming firm abused its position as the leading brand in the market.
They said that the company also imposed a 30% commission from game developers for each game and in-game item they sold via the PlayStation Store. They added that the company’s actions caused the increase in prices, and this resulted in customers being overcharged without them being aware of it.
The group said that the accumulated overcharged in the last six years may have already reached a total of £5 billion. In their lawsuit, they are claiming an estimated damage between £67 and £562 per person.
PlayStation users will automatically be part of the claim for compensation if they owned a console since Aug. 19, 2016. They must also be living in the U.K. and have bought PS games and made in-game or add-on content purchases through Sony’s PlayStation Store.
"We believe we have got a really strong case or else we would not be doing this," Neill told BBC News in an interview. "It is a big undertaking to take on a company like Sony and with this legal action, I am standing up for the millions of UK people who have been unwittingly overcharged as we believe Sony has abused its position and ripped off its customers.”
Finally, the Financial Times reported that this lawsuit against Sony PlayStation is the latest collective action from the consumers that have been filed at the Competition Appeal Tribunal, which is currently being inundated with class actions and anti-trust lawsuits filed on behalf of the users.
