The Supreme Court just ruled against Apple in an antitrust case centered around the App Store

Reuters

FILE PHOTO: Customers walk past an Apple logo inside of an Apple store at Grand Central Station in New York

The U.S. Supreme Court on Monday gave the go-ahead for a lawsuit by consumers accusing Apple Inc. of monopolizing the market for iPhone software applications and forcing them to overpay, rejecting the company's bid to escape claims that its practices violate federal antitrust law.

The justices, in a 5-4 ruling, upheld a lower court's decision to allow the proposed class action lawsuit to proceed. The plaintiffs said the Cupertino, California-based technology company required apps be sold through its App Store and extracted an excessive 30 percent commission on purchases.

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Apple shares moved lower after the ruling.

(Reporting by Andrew Chung; Editing by Will Dunham)