Lyft has agreed to pay $272.5 million to settle a lawsuit accusing the ride-hailing company of violating California law by misclassifying drivers as independent contractors, instead of employees. The company said in a regulatory filing that it believes the settlement will allow it to avoid the “costs and distraction of protracted litigation and enable management to maintain its focus on executing its business objectives.” Lyft could not be reached for comment. The settlement stems f…
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