|Day's range||6.35 - 6.35|
Key Insights Given the large stake in the stock by institutions, Uber Technologies' stock price might be vulnerable to...
(Reuters) -A U.S. appeals court on Friday revived a lawsuit by Uber Technologies Inc and subsidiary Postmates Inc challenging a California law that would require them to provide more proof that workers are independent contractors, a classification that helps the companies save millions. In a major win for app-based services that heavily rely on contractors, the San Francisco-based 9th U.S. Circuit Court of Appeals said the state must face claims that the law known as AB5 is unconstitutional because it improperly singles out app-based transportation businesses while exempting many other industries. Uber hailed the 9th Circuit decision in a statement.
A federal judge in Manhattan on Thursday said Grubhub, Uber Eats and Postmates cannot force diners who have used their platforms into binding arbitration over claims they conspired to drive up prices for restaurant meals during the COVID-19 pandemic. The lawsuit accused the meal delivery companies of entering illegal agreements that prevented restaurants using their platforms from selling meals directly to consumers at lower prices. Diners said this forced them to pay artificially high prices for meals they ordered elsewhere.