Uber, Lyft sue NYC over rule limiting driver cruise timesPosted: Updated:
Here are the latest business headlines from Cheddar.
Uber and Lyft are suing New York City over a rule that limits the time drivers can cruise without passengers. The suit alleges the rule is arbitrary and does little to ease congestion. The rule aims to reduce congestion in the city, as ride share vehicles reportedly form nearly one-third of peak-time traffic, according to the Taxi and Limousine Commission.
The United Auto Workers Union, which is representing workers continuing strike action on GM, will increase strike pay for 48,000 hourly workers. Members would also be allowed to take on part-time jobs without reducing strike pay. The strikes are continuing into their fourth week.
The state of Michigan pulled $600 million of its pension funds from the management of Fisher Investments after its CEO Ken Fisher reportedly made sexist comments at a summit in San Francisco. Fisher reportedly made coarse comparisons of his wealth management strategy to picking up women, as well as explicit remarks about genitalia. Fisher Investments manages over $100 billion in assets.