Corporate earnings forecasts for the second quarter were lowered so much that companies are easily beating them.Market Insiderread more
The central bank is not normally in the business of easing into an economy that is showing few signs of a recession, generally holding fire until more pronounced signs of a...The Fedread more
His case for gold comes as central banks get more aggressive with policies that devalue currencies and are about to cause a "paradigm shift" in investing.Marketsread more
Challenging conditions in the U.S. housing market, along with tighter currency controls by the Chinese government, cause a stunning drop in foreign demand for American homes.Real Estateread more
House Speaker Nancy Pelosi says she wants her chamber to vote on a debt ceiling and budget deal by July 26.Politicsread more
Philips has acquired a start-up that texts you about your poop. That's Medumo, a Boston-based company, which works with hospitals to guide their patients through common...Technologyread more
The "'Cadillac tax," set to go into effect in 2022, is unpopular with both Republicans and Democrats, who say it punishes the middle class.Health and Scienceread more
Federal Judge William Pauley wrote in a court filing made public Wednesday that materials related to a campaign finance probe of Cohen should be unsealed — and denied a...Politicsread more
CSX said it expects revenue to fall as much as 2% in 2019, well below a previous forecast of an increase of 1% to 2%.Marketsread more
Facebook's head of Calibra David Marcus is grilled during a House Financial Services Committee hearing over the company's digital currency plans.Technologyread more
The growth in net interest income, a main engine of banking profit, looks to slow to a halt in the back half of this year, Bank of America CFO Paul Donofrio says.Banksread more
A U.S. judge denied a motion for preliminary approval on the grounds that Uber's $100 million settlement with its drivers is not sufficient.
U.S. District Judge Edward Chen determined that the "settlement as a whole is not fair, adequate, and reasonable," according to a Thursday filing. The court ordered both sides to meet and discuss how they would like to proceed. It has also said that a joint status report is due on Sept. 8 and that a status conference will be held on Sept. 15.
Uber spokesman Matt Kallman said, "the settlement, mutually agreed by both sides, was fair and reasonable." He said that the company is disappointed in the ruling and is evaluating its options.
The case was brought before U.S. District Court in Northern California on behalf of Uber drivers, alleging that the company had incorrectly classified its drivers as independent contractors rather than employees. If Uber drivers were considered employees, they would be entitled to other benefits that would increase operating costs.
The ride-hailing company has argued that because it doesn't dictate the hours or schedule of its drivers, they are not employees. The proposed settlement would have allowed Uber to continue to regard its drivers as contractors.
The $100 million settlement is made up of an $84 million payment to the roughly 385,000 drivers involved in the cases. A second payment of $16 million will be handed out if Uber goes public and the valuation of the company increases one and a half times from its December 2015 financing valuation within the first year of the initial public offering.
The plaintiffs also alleged that Uber told its customers that there was no need to tip drivers because it was included in the fare, when they did not receive their fair portion of that gratuity.
Shannon Liss-Riordan, the attorney representing the drivers, told Reuters that the two parties could reach a new agreement that satisfies he judge's concerns. But she added that if there isn't a settlement agreement, the number of drivers included in the case would drop to about 8,000, according to Reuters.
In the proposed settlement, Uber said it would change some of its terms and conditions for drivers including:
— CNBC's Arjun Kharpal and Reuters contributed to this report.