Uber to pay $271.8m to taxi drivers in settlement

The news: The Supreme Court of Victoria has rubber stamped an agreed on settlement reached between Uber and more than 8,000 taxi drivers.

The context: The night before the class action lawsuit had been scheduled to go to trial in March, Uber agreed on the settlement with the taxi drivers who had alleged the company set up in Australia illegally and in doing so, caused them financial harm. The settlement was reached without admission of liability by Uber.

In announcing her decision on the payout this morning, Supreme Court of Victoria Judge Patricia Matthews said she had found "the settlement is fair and reasonable and in the interest of group members".