Qualcomm accused of illegal scheme

Apple has sued Qualcomm, accusing it of monopolizing the market for chips for wireless devices and withholding $1 billion in retaliation for cooperating with South Korean antitrust authorities, according to Bloomberg News.

"Apple is demanding Qualcomm hand over money that was supposed to be a rebate for licensing fees," says Bloomberg. Qualcomm is holding back the money as punishment for Apple cooperating with Korean antitrust regulators, according to a complaint filed in San Diego.

"Apple also wants back some of the billions of dollars it claims it was overcharged in 'Qualcomm's illegal scheme' to control the market for mobile phone chips," says Bloomberg.

Qualcomm stock fell 2.4 percent to $63 yesterday (January 20).