Uber to pay $290M, Lyft $38M in settlements with New York AG

New York Attorney General Letitia James announced two settlements totaling $328M with Uber (UBER) and Lyft (LYFT) “for cheating drivers out of hundreds of millions of dollars.” The settlements resolve multi-year investigations into Uber and Lyft, which found that the companies’ policies withheld hard-earned pay from drivers and prevented them from receiving valuable benefits available under New York labor laws, James said in a statement. Uber will pay $290M and Lyft will pay $38M into two separate settlement funds which will be entirely distributed to current and former drivers.