Uber sues NYC Taxi comission over driver rate increases, Bloomberg reports

Uber (UBER) has filed a lawsuit against the New York City Taxi & Limousine Commission in an effort to block an increase in rates it must pay drivers that was approved in November, calling them "dramatic, unprecedented and unsupported hikes," Bloomberg’s Chris Dolmetsch reports. In the lawsuit, Uber said it would be forced to spend an additional $21M-$23M a month if the rule goes into effect on December 19, which it wouldn’t be able to recover unless it raised rider fares, adding that "Such a significant fare hike, right before the holidays, would irreparably damage Uber’s reputation, impair goodwill, and risk permanent loss of business and customers." Under the commission’s plan, Uber and Lyft (LYFT) driver pay rates will increase by 7% per minute and 24% per mile. Reference Link