2024

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<p class="has-drop-cap">In a landmark agreement, ride-hailing giants Uber (NYSE: UBER) and Lyft (NASDAQ: LYFT) have <a aria-label="settled with Massachusetts Attorney General Andrea Campbell (opens in a new tab)" href="https://www.nytimes.com/2024/06/27/technology/uber-lyft-massachusetts-settlement.html" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">settled with Massachusetts Attorney General Andrea Campbell</a>, ushering in a new era of driver benefits and protections. <br><br>The deal, announced on Thursday, establishes a minimum pay standard and introduces a suite of benefits for drivers while preserving their status as independent contractors. This development has significant implications for the gig economy and has been reflected in the companies’ stock performances.</p>
<h3 id="uber-and-lyft-settle-with-massachusetts-agree-on-minimum-pay">Uber and Lyft Settle with Massachusetts, Agree on Minimum Pay</h3>
<p>Under the new agreement, Uber and Lyft drivers in Massachusetts will be guaranteed a minimum pay of $32.50 per hour for time spent on trips and en route to pickups. <br><br>The deal also includes paid sick leave, accruing one hour for every 30 hours worked, up to 40 hours annually. Drivers working more than 15 hours per week will receive a health insurance stipend, and all drivers will be covered by occupational accident insurance up to $1 million for work-related injuries.</p>
<p>Additional benefits include a stipend for the state’s paid family and medical leave program, protection against discrimination and retaliation, and increased transparency on trip details before acceptance. The companies will also provide in-app chat support in multiple languages and implement an appeal process for driver deactivations. <br><br>To settle allegations of past wage and hour law violations, Uber and Lyft will pay the state a combined $175 million.</p>
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<h3 id="settlement-resolves-longstanding-lawsuit-provides-clarity">Settlement Resolves Longstanding Lawsuit, Provides Clarity</h3>
<p>The settlement resolves a longstanding lawsuit in Massachusetts and avoids the need for a contentious ballot initiative campaign planned for November 2024. <br><br>Both companies view this as a major victory, preserving drivers’ independent contractor status while providing enhanced benefits. The agreement creates a framework that balances flexibility with worker protections, potentially serving as a model for similar agreements in other states.</p>
<p>Uber and Lyft executives hailed the deal as aligning with their vision of 21st-century work. It allows them to move forward with a new operating model that resolves historical liabilities. Implementing these new benefits will be phased in stages from August 2024 to March 2025, giving the companies time to adjust their operations.</p>
<h3 id="uber-and-lyft-stock-gain">Uber and Lyft Stock Gain</h3>
<p>The announcement has had a positive impact on both companies’ stock prices. As of 9:48 AM EDT on the day following the announcement, <a href="https://tokenist.com/investing/how-to-buy-stocks/" rel="noopener noreferrer nofollow" class="deco-link">Lyft’s stock</a> was trading at $13.85, up 3.44% for the day, with a market capitalization of $5.591 billion. Despite this gain, Lyft’s year-to-date return remains negative at -7.55%, though its one-year return shows a significant 40.69% increase.</p>
<p>Uber’s stock performance was also strong, trading at $72.32, up 2.81% for the day, with a much larger market capitalization of $151.072 billion. <br><br>Uber has outperformed Lyft in both year-to-date and one-year returns, with 17.43% and 64.96% gains respectively.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/uber-and-lyft-stocks-gain-as-massachusetts-settlement-provides-clarity/">Uber and Lyft Stocks Gain as Massachusetts Settlement Provides Clarity</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Uber and Lyft Stocks Gain as Massachusetts Settlement Provides Clarity

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