Business

US FTC files proposed settlement with Broadcom

The U.S. Federal Trade Commission filed a complaint and a proposed consent order to settle antitrust charges against Broadcom, the agency said in a statement.

FILE PHOTO: A sign to the campus offices of chipmaker Broadcom Ltd is shown in Irvine
FILE PHOTO: A sign to the campus offices of chipmaker Broadcom Ltd is shown in Irvine, California, U.S., November 6, 2017. REUTERS/Mike Blake
(Updated: )

Bookmark

WASHINGTON: The U.S. Federal Trade Commission filed a proposed order to settle antitrust charges against semiconductor maker Broadcom Inc, the agency said in a statement on Friday.

The consent order requires Broadcom to stop demanding that its customers buy components mostly or only from Broadcom, the FTC said.

Broadcom said in a statement that it was pleased to resolve the matter. "While we disagree that our actions violated the law and disagree with the FTC's characterizations of our business, we look forward to putting this matter behind us," it said.

Broadcom reached a similar agreement with the European Commission in October 2020.

The FTC said that Broadcom had a monopoly in three kinds of chips used to make TV set-top boxes and broadband devices.

The commission vote to accept the settlement was 4-0 with Chair Lina Khan, who joined the panel in June, not participating.

(Reporting by Diane Bartz; additional reporting by Akanksha Rana; editing by Jonathan Oatis and Dan Grebler)

Source: Reuters