New: You can now listen to articles.WASHINGTON: The Federal Trade Commission in new court documents said Amazon.com deliberately raised prices by more than US$1 billion through secret algorithms known as"Project Nessie".
The FTC said Amazon created a"secret algorithm internally code named 'Project Nessie' to identify specific products for which it predicts other online stores will follow Amazon’s price increases ... Amazon used Project Nessie to extract more than a billion dollars directly from Americans’ pocketbooks."
"Nessie was used to try to stop our price matching from resulting in unusual outcomes where prices became so low that they were unsustainable," Doyle said.
Source: Law Daily Report (lawdailyreport.net)
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