MarketWatch First Take: Uber clears what looked to be an IPO roadblock with $20 million settlement

A five-year legal odyssey that could have threatened the future of ride-hailing services appeared to end quietly Tuesday, clearing one concern for Uber Technologies Inc. ahead of its initial public offering.

A group of Uber drivers settled a class-action lawsuit for $20 million that will net each driver a little more than $2,000, far from the result that many thought could happen when the court proceedings began. The suit, first filed in 2013 by Boston-area lawyer Shannon Liss-Riordan, sought to reclassify Uber drivers as employees — not contractors — who would be reimbursed by Uber for necessary business expenses, such as gas and insurance.

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