UBER - Uber rises as it sues New York City Taxi Commission over 'unprecedented' pay hikes

• Uber Technologies ( NYSE: UBER ) shares rose more than 1% on Friday as the mobility company sued the New York City Taxi & Limousine Commission to try to block a pay increase for its drivers that it called "dramatic, unprecedented and unsupported."
• The fare increase was approved by the commission on November 15 and would result in Uber ( UBER ) and Lyft ( NASDAQ: LYFT ) increasing driver pay rates by 7% per minute and 24% per mile, according to Bloomberg . The news outlet noted a 30 minute trip of 7.5 miles would require a minimum driver payment of $27.15.
• In the suit, Uber ( UBER ) said it would be forced to spend an additional $21M to $23M per month if the proposal went into effect, slated to happen on December 19. If it did, Uber ( UBER ) would be forced to raise rider fares, it added.
• Lyft ( LYFT ) shares rose more than 3.7% in early Friday trading.
• The lawsuit is Uber USA LLC v. New York City Taxi & Limousine Commission, 160451/2022, New York State Supreme Court, New York County (Manhattan).
• Uber ( UBER ) and driverless technology company Motional recently announced they will bring a robotaxi service to Las Vegas .

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