July 24 (Reuters) - Lyft ( LYFT ) will implement several

safety and governance reforms to settle a shareholder lawsuit

accusing the ride-sharing company's officers and directors of

not doing enough to stop drivers from sexually and physically

assaulting passengers.

A preliminary settlement was filed on Tuesday night in the

Oakland, California, federal court, and requires a judge's

approval.

Lyft ( LYFT ) agreed to boost passenger awareness of the "Alert 911

Silently" feature on its app for reporting misconduct, and make

it easier to report problems 24/7 to a live human. It also said

it has also improved training and its code of business conduct

and ethics.

The changes would last at least three years. Officers and

directors would pay no money to the company, and their insurers

would pay $700,000 to cover the plaintiffs' legal fees.

Shareholders claimed that Lyft's ( LYFT ) reputation suffered from

the company's inadequate training and background checks for

drivers, including those with histories of sexual misconduct.

They also said Lyft ( LYFT ) concealed the shortfalls before its

March 2019 initial public offering, and also concealed defects

in its electronic bikes that led to numerous injuries.

Lyft ( LYFT ) officials denied wrongdoing in agreeing to settle.

In a statement, the San Francisco-based company said it

settled "solely to avoid the disruption and cost of litigation."

Lyft ( LYFT ) has said the lawsuit was the last shareholder case

arising from the IPO. Through Tuesday, Lyft's ( LYFT ) share price had

fallen 83% since the offering.

Many ride-share passengers have also accused Uber ( UBER )

drivers of sexual assault.

More than 300 lawsuits against Uber ( UBER ) alleging such conduct

have been combined into a federal class action pending in San

Francisco. The number of plaintiffs could reach the thousands.

The case is In re Lyft Inc Derivative Litigation, U.S.

District Court, Northern District of California No. 20-09257.