Uber (NYSE:UBER) stock is rising higher on Thursday after the company agreed to a settlement over a wage theft lawsuit.
This lawsuit has Uber, alongside ride-hailing rival Lyft (NASDAQ:LYFT), agreeing to pay a total settlement of $328 million. Uber is covering the majority of that at $290 million, with Lyft picking up the remaining $38 million.
New York Attorney General Letitia James said the following in a statement collected by the Associated Press:
“For years, Uber and Lyft systemically cheated their drivers out of hundreds of millions of dollars in pay and benefits while they worked long hours in challenging conditions.”
What This Means for UBER Stock
While Uber having to pay a settlement may not sound like a good thing, investors are celebrating. It looks like they aren’t bothered by the amount and are happy that the company will no longer be dealing with the lawsuit going forward.
UBER stock is up 5.8% as of Thursday morning, as some 6 million shares changed hands. The company’s daily average trading volume is still well above that at 16.8 million shares.
LYFT stock is also rising today, with an 8.9% gain as of this writing. That comes with some 4.6 million shares traded, with its daily average sitting at around 13.1 million shares.
Investors who are looking for even more of the most recent stock market stories today are in the right place!
We have all of the hottest stock market news that traders need to know about on Thursday! A few examples include what’s going on with shares of HUB Cyber Security (NASDAQ:HUBC) stock, Palantir (NASDAQ:PLTR) stock and Solaredge Technologies (NASDAQ:SEDG) stock today. You can find out more on these topics at the following links!
More Stock Market News for Thursday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
