EU set to punish Apple over 500 million euros

The European Union intends to fine Apple (AAPL.O) over 500 million euros ($539 million) for alleged infringement of EU competition rules.

The European Union plans to pay Apple (AAPL.O) approximately 500 million euros ($539 million) for suspected violations of EU competition rules.

The fine is scheduled to be disclosed early next month.

Last year, the European Commission accused Apple of impeding competition in the music streaming industry by preventing developers from alerting customers about alternative purchase alternatives.

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