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Uber Settles Scores With Chicago Over UberEats' And Postmates' Practices During Pandemic

  • Uber Technologies, Inc (NYSE: UBER) reached a multimillion-dollar settlement with the city of Chicago over alleged regulatory deceptive practices at UberEats and Postmates.

  • Chicago's investigation found that Uber listed restaurants without consent and charged excessive fees, the Wall Street Journal reports.

  • The total figure of $10 million included a $3.3 million settlement made by Uber in 2021, which Chicago previously repaid to Chicago restaurants.

  • Uber charged some restaurants commissions exceeding 15%, which violated the city's ordinance capping emergency fees during the pandemic.

  • Uber agreed to pay an additional $2.3 million to restaurants for charging commissions above the limits set by the city.

  • The meal-delivery platform agreed to reimburse $500,000 to Chicago restaurants listed without their consent and who did not have contracts with Uber.

  • Uber would provide another $2.5 million in commission waivers to restaurants listed on the platform without consent and lacked contracts with Uber.

  • Uber removed all remaining Chicago restaurants listed on Uber's platforms without their consent and agreed not to list Chicago restaurants in the future without their permission.

  • The pandemic caused a considerable shift in restaurants and diners to online platforms. Other cities, like New York and San Francisco, imposed caps on fees charged by delivery services.

  • Uber held $4.9 billion in cash and equivalents as of September 30.

  • Uber reported third-quarter FY22 revenue growth of 72% year-on-year to $8.34 billion. Revenue from Mobility grew to $3.82 billion (+73% Y/Y), Delivery was $2.77 billion (+24% Y/Y), and Freight at $1.75 billion (336% Y/Y).

  • Price Action: UBER shares traded higher by 0.36% at $27.80 premarket on the last check Tuesday.

  • Photo via Wikimedia Commons

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