UBER - Over 10500 London Cabbies Sue Uber Amid Allegations Of Rule-Bending As Stock Tumbles 21% | Benzinga
- Over 10,500 black-cab drivers in London have initiated a £250 million lawsuit against Uber earlier this month.
- Amidst these legal challenges, Uber's financial performance remains volatile, with its stock price recently dropping 21% over two months.
At the beginning of the month, over 10,500 London black-cab drivers launched a significant £250 million lawsuit against Uber Technologies Inc (NYSE: UBER). They accuse Uber of breaking taxi booking rules and misleading authorities to get its operational license from 2012 to 2018.
The drivers argue that Uber allowed direct bookings, bypassing the required centralized dispatch systems for minicabs. This, they claim, gave Uber an unfair advantage and caused substantial financial losses for traditional cabbies.
The drivers want to recover ...