Uber and Lyft Get a Temporary Reprieve From California Appeals Court
Uber (NYSE: UBER) and Lyft (NASDAQ: LYFT) were granted a stay by a California appeals court, giving them an extension of time to comply with the state's new gig economy labor law, Assembly Bill 5 (AB5), which ordered many contract workers to be reclassified as employees and afforded them the same benefits enjoyed by regular employees.
Management at Lyft had been planning to suspend operations in the Golden State at midnight Pacific Time on Thursday. A previous court order had given the companies until August 25 to comply with the California mandate reclassifying rideshare drivers as employees, after the companies historically classified them as contractors.
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Source Fool.com
