From CNET: Lyft's yearlong tussle with New York State lawmakers ended Thursday when the ride-hailing service agreed to pay $300,000 in penalties to settle a lawsuit alleging it illegally operated in the state.
New York Attorney General Eric Schneiderman and former State Superintendent of Financial Services Benjamin Lawsky sued Lyft last July claiming the service violated state laws by allowing drivers without state-authorized insurance and a commercial license to ferry passengers.
"I have always been committed to fostering an innovative and competitive environment in which both new and existing companies can flourish in our great state," Schneiderman said in a statement. "However, it's critical that the laws put in place to protect consumers and ensure fair competition are not violated in the process. Today's agreement enables Lyft to grow and prosper within the bounds of state and local regulations, while the penalties imposed send the message that companies that attempt to skirt the law will be held accountable."
Lyft is a ride-hailing service that pairs passengers with drivers using a smartphone app. It operates in more than 60 cities in the US and has raised $1 billion in venture funding, valuing it at $2.5 billion.
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