New York Leads with Uber Settlement: Ensuring Unemployment Benefits for Drivers & Couriers
Portfolio Pulse from Nabaparna Bhattacharya
Uber Technologies, Inc. has entered into a settlement agreement with the New York State Department of Labor to ensure eligible drivers and couriers can receive unemployment benefits. Uber will make quarterly payments to the New York State Unemployment Insurance Trust Fund and a retroactive payment for amounts owed since 2013. In related news, Uber and Lyft, Inc. have each reached a settlement agreement, totaling $328 million, to resolve allegations by the New York Attorney General. Uber will pay $290 million, and Lyft will pay $38 million.
November 03, 2023 | 10:17 am
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NEUTRAL IMPACT
Lyft's settlement with the New York Attorney General could lead to increased operating costs, but may also improve its reputation among drivers and the public.
The settlement will result in increased costs for Lyft due to the payment to the settlement with the Attorney General. However, it could also improve Lyft's reputation by showing that it is taking responsibility for its actions and ensuring benefits for its drivers.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 50
NEUTRAL IMPACT
Uber's settlement with the New York State Department of Labor and the New York Attorney General could lead to increased operating costs, but may also improve its reputation among drivers and the public.
The settlement will result in increased costs for Uber due to the payments to the Unemployment Insurance Trust Fund and the settlement with the Attorney General. However, it could also improve Uber's reputation by showing that it is taking responsibility for its actions and ensuring benefits for its drivers.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100