- A group of Uber Technologies, Inc UBER and Lyft, Inc LYFT drivers slapped an antitrust lawsuit on the companies for unfairly controlling passenger fares.
- The drivers claimed that lower consumer fares would provide them with "the most competitive compensation."
- The suit adds that companies hurt driver earnings by charging higher fares to the customers.
- The lawsuit sought class-action status in San Francisco Superior Court for alleged violations of California antitrust law and state law prohibiting unfair business practices.
- Uber has denied the allegations.
- Uber and Lyft are amid multiple legal battles over classifying their drivers as gig workers instead of employees, thereby limiting their benefits.
- Uber recently resumed its ride-sharing services to capitalize on the pandemic recovery as it battled a driver shortage.
- Price Action: UBER shares traded lower by 2.44% at $21.23 premarket on the last check Wednesday.
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