iOS 14 logo of the iOS mobile operating system is seen displayed on a mobile phone with an Apple logo in the background.
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The long-expected antitrust lawsuit against Google could inflict some collateral damage on its partner Apple, according to Bank of America.
The Justice Department on Tuesday filed a lawsuit against Google alleging the company has unlawfully maintained a monopoly in search. To secure preset default and other access to the browser on Apple devices, Google pays a significant licensing fee to the iPhone maker, which is estimated at $10 billion a year, Bank of America noted. This revenue source for Apple, about 15% of its total services sales, could be at risk due to the lawsuit, the bank said.