- Uber Technologies, Inc UBER reached a multimillion-dollar settlement with the city of Chicago over alleged regulatory deceptive practices at UberEats and Postmates.
- Chicago's investigation found that Uber listed restaurants without consent and charged excessive fees, the Wall Street Journal reports.
- The total figure of $10 million included a $3.3 million settlement made by Uber in 2021, which Chicago previously repaid to Chicago restaurants.
- Uber charged some restaurants commissions exceeding 15%, which violated the city's ordinance capping emergency fees during the pandemic.
- Uber agreed to pay an additional $2.3 million to restaurants for charging commissions above the limits set by the city.
- The meal-delivery platform agreed to reimburse $500,000 to Chicago restaurants listed without their consent and who did not have contracts with Uber.
- Uber would provide another $2.5 million in commission waivers to restaurants listed on the platform without consent and lacked contracts with Uber.
- Uber removed all remaining Chicago restaurants listed on Uber's platforms without their consent and agreed not to list Chicago restaurants in the future without their permission.
- The pandemic caused a considerable shift in restaurants and diners to online platforms. Other cities, like New York and San Francisco, imposed caps on fees charged by delivery services.
- Uber held $4.9 billion in cash and equivalents as of September 30.
- Uber reported third-quarter FY22 revenue growth of 72% year-on-year to $8.34 billion. Revenue from Mobility grew to $3.82 billion (+73% Y/Y), Delivery was $2.77 billion (+24% Y/Y), and Freight at $1.75 billion (336% Y/Y).
- Price Action: UBER shares traded higher by 0.36% at $27.80 premarket on the last check Tuesday.
- Photo via Wikimedia Commons
Loading...
Loading...
UBERUber Technologies Inc
$88.21-3.98%
Edge Rankings
Momentum
92.00
Growth
97.59
Quality
-
Value
36.37
Price Trend
Short
Medium
Long
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted In:
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
