10:47 AM EDT, 07/31/2024 (MT Newswires) -- Uber Technologies ( UBER ) and Lyft ( LYFT ) won't face new rules from the New York Taxi and Limousine Commission in response to driver lockouts, Bloomberg reported Wednesday, citing a statement from the regulator.

The rideshare companies were locking drivers out of their apps during their shifts in an effort to avoid paying them for idle time they accrue between rides, Bloomberg reported last month. In response, the commission warned in mid-July that the agency was working on stricter lockout rules.

A new deal, struck between the companies and the city mayor's office, tables that effort in exchange for Uber ( UBER ) and Lyft ( LYFT ) reducing lockouts and temporarily halting the onboarding of new drivers, Bloomberg reported.

"Lyft ( LYFT ) supports an environment that allows New York City drivers to earn whenever and however they want while driving on the Lyft ( LYFT ) platform," Megan Sirjane-Samples, company director of public policy, said in an emailed statement to MT Newswires. "We never want to enact supply controls, and we will continue to work with TLC in the best interest of drivers."

Uber ( UBER ) didn't respond immediately to a request for comment.

Uber ( UBER ) shares rose 2.9% in recent Wednesday trading, and Lyft ( LYFT ) gained 1.9%.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 64.93, Change: +1.84, Percent Change: +2.92