Uber Settlement: Taxi Drivers to Receive $271.8 Million – Capital Brief
Uber has agreed to pay out $271.8m to over 8,000 taxi drivers in a settlement approved by the Supreme Court of Victoria. The settlement was reached right before the class action lawsuit was scheduled to go to trial in March. The taxi drivers had accused Uber of operating illegally in Australia, causing them financial harm. Despite the settlement, Uber did not admit to any liability.
In her announcement this morning, Supreme Court of Victoria Judge Patricia Matthews stated that she found the settlement to be fair, reasonable, and in the best interests of the group members involved.
In other news, Tesla chair Robyn Denholm is set to lead a review of Australia’s research and development activities. Additionally, new competition policies could see big tech companies facing fines of up to $50 million.
On a different note, Google is facing a second class action probe related to its adtech practices, while a dispute involving Blooms The Chemist franchisees is underway in the Supreme Court. The Environmental Defenders Office has been ordered to pay Santos’ $9m legal costs, and Novonix’s shares have slumped following a discounted capital raise of nearly $50 million.
Furthermore, the Australian Competition and Consumer Commission (ACCC) has announced that it will not oppose Aurizon’s acquisition of Flinders Logistics. The concept of first-mover advantages and disadvantages is also being discussed in light of recent events in the finance and securities industry.
