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How will Lyft's stock price respond to FTC fine settlement by Jan 31, 2025?
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Stock market data from financial platforms
Story
Lyft to Pay $2.1 Million Fine for Inflating Driver Earnings by Up to 30%, FTC Says
Oct 25, 2024, 09:05 PM
Lyft Inc. has agreed to pay a $2.1 million civil fine to settle charges brought by the U.S. Federal Trade Commission (FTC) alleging that the company deceived prospective drivers about their earning potential. The FTC accused Lyft of inflating earning claims in its advertisements by 20% to 30%, with some ads promising over $30 per hour. The settlement, filed in San Francisco federal court, requires Lyft to stop this conduct and pay the fine. FTC Chair Lina Khan stated that firms luring workers with false earnings claims are breaking the law. The FTC's action aims to prevent companies from deceiving drivers with misleading earnings prospects.
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