Pedestrians walk past an american multinational technology company Apple retail store.
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Apple was fined 1.1 billion euros ($1.23 billion) for anti-competitive behavior Monday by the French antitrust authorities.
The French competition authority said the iPhone maker was guilty of cartels within its distribution network and that it abused its economic dependence on its re-sellers.
Two of Apple’s wholesalers were also fined: Tech Data and Ingram Micro received fines of 76.1 million euros and 62.9 million euros respectively.
The French authority said this penalty — totaling 1.24 billion euros — was the largest ever handed down in one case.
A spokesperson for Apple told CNBC: “The French Competition Authority’s decision is disheartening. It relates to practices from over a decade ago and discards thirty years of legal precedent that all companies in France rely on with an order that will cause chaos for companies across all industries. We strongly disagree with them and plan to appeal.”
This is a breaking news story and will be updated shortly.