09:25 AM EDT, 03/18/2024 (MT Newswires) -- Uber Technologies ( UBER ) has agreed to pay AU$271.8 million ($178.5 million) to settle a class-action lawsuit alleging that taxi and hire car owners and drivers lost income when the rideshare company entered the Australian market, the law firm representing over 8,000 taxi and hire car owners and drivers said Monday.

The class-action settlement is the "fifth largest" in Australia, Maurice Blackburn Lawyers said.

Uber ( UBER ) said in a separate statement that the proposed settlement puts "these legacy issues firmly in our past," noting that there were no ridesharing regulations "anywhere in the world" when it began over a decade ago.

"We will continue focusing on helping the millions of Australians who use Uber ( UBER ) get from A to B in a safe, affordable and reliable manner," Uber ( UBER ) said.

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