Uber to pay $271 million to Australian taxi drivers
Uber has made it way up the ranks, with $Uber Technologies(UBER.US$ even making it into the S&P500 in December last year.
However, the company has been battling a lawsuit with the Supreme Court of Victoria since 2019, brought on by 8,000 Australian taxi drivers.
Reuters reports that Uber has agreed to pay $271.8 million (US $178 million) to settle the lawsuit, which was initiated by these taxi drivers due to losing income when Uber came to Australia.
On top of this, Uber was accused of breaking laws due to their vehicles not having taxi and hire car licenses during their start up in Oz.
The settlement is Australia's fifth-largest, Maurice Blackburn Lawyers said in a statement.
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OB1KENOB : What happens if the underlying support breaks? Laws change?
JC7577 : Interesting times
rylar : The interesting thing we have in 2024 is the explosion of middle man software like $Uber Technologies (UBER.US)$ , $Lyft Inc (LYFT.US)$ , $Airbnb (ABNB.US)$
Liam Mitchell : I'm used to using YouTubes for cabs, which makes me pay a lot of attention.
Wealthy Leio : Making it easier to get a cab and more practical to make money.
EvanderAU : Could this push his stock price to highs or lows? I guess the policy implications really matter!
Peterson111 : It's all down!
Kevin Matte : Same thing happened in Quebec. Firsts years, there was vendalism and pressure tactics from taxi drivers...
CEO of Apes : Why doesn’t the taxi driver just switch to Uber? Or do Uber in their taxi cars?