Lyft to pay $272.5M to settle California wage theft lawsuit over driver misclassification

Lyft has agreed to pay $272.5 million to settle a lawsuit accusing it of wage theft by misclassifying California drivers as independent contractors from 2016 to 2020. The settlement, the largest of its kind in California, will allocate about $237 million to a fund for compensating eligible drivers based on hours and miles driven. California officials argue this misclassification denied drivers minimum wage and workplace protections, while Lyft denies wrongdoing. The settlement awaits court approval before payments begin.

Lyft's market cap stands at $5.90 billion as of Oct 09, 2026 10:31 WIB, with a trading volume of 9,741,129 shares on Pluang. The stock price is currently USD 16.15, showing a 3.53% gain in the last day, while all recent order activity on Pluang is on the buy side. This trading momentum comes as Lyft agrees to a $272.5 million settlement over wage theft claims in California, a major legal development for the company.