Alphabet Inc.'s  (GOOGL - Get Report)  Google division has been fined a record €2.42 billion ($2.7 billion) by the European Commission for abusing its dominance as a search engine by giving itself an advantage in comparison shopping services.

"What Google has done is illegal under EU antitrust rules," said Competition Commissioner Margrethe Vestager. "It denied other companies the chance to compete on the merits and to innovate. And most importantly, it denied European consumers a genuine choice of services and the full benefits of innovation."

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This article was written by a staff member of TheStreet.