The day before its planned initial public offering, ride-hailing giant Uber Technologies Inc. has announced it settled with thousands of drivers over claims it misclassified them as independent contractors.

Uber disclosed in a U.S. Securities and Exchange Commission filing Thursday that it reached agreements to ”resolve the classification claims of a large majority” of 60,000 U.S. drivers who filed, or expressed intention to file, arbitration demands. The San Francisco-based company set aside $146 million to $170 million for settlement payouts.

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