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Uber settles disputes with thousands of drivers ahead of its IPO

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625 Driver
 Posted 1 year, 2 months ago

I didn't know this.

Uber says it has reached settlements with a large majority of the 60,000 drivers in the United States who filed arbitration demands over their employment status. 

Uber (UBER) disclosed the settlement was disclosed in a regulatory filing with the Securities and Exchange Commission Thursday just ahead of its initial public offering. Uber said the settlement will cost it between $146 million and $170 million. It had already set aside $132 million in anticipation of reaching a settlement.

It's not the first time the company paid a large sum to drivers over the same classification dispute. The company owed $20 million in a settlement with thousands of drivers in Massachusetts and California earlier this year.

The article is too vague. Come on, CNN.


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