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(Reuters) – A California appeals court on Thursday halted a lower court order that would have forced Uber Technologies Inc (UBER.N) and Lyft Inc (LYFT.O) to treat their drivers as employees, paving the way for the companies to avoid a shutdown of ride services in the state.
The companies had said they would be unable to comply with a new law that would consider their drivers employees entitled to benefits such as minimum wage, overtime and sick pay and unemployment insurance.
Lyft shares were up almost 9% after the last-minute ruling, and Uber shares were up 6.4%.
The companies had sought the intervention of the California First District Court of Appeal in San Francisco to block an injunction order issued by a judge last week. That ruling forced the companies to treat their drivers as employees starting Thursday after midnight.
Source:www.reuters.com
