New Jersey says Uber owes it over $640 million in taxes and fines for misclassifying drivers as independent workers (UBER)

Richard Drew/AP

• New Jersey is seeking more than $640 million in taxes and penalties from ride-hailing company Uber, saying that it misclassied its drivers as independent contractors rather than employees.  
• Uber has pushed back against the state's findings, saying that its drivers were properly classified as independent contractors.
• Companies like Uber and Lyft have been pushing against laws that would require them to classify drivers as employees, which would require them to pay out benefits like unemployment or disability insurance.
• Uber's shares closed Thursday down 2.7%.
• Visit Business Insider's homepage for more stories.

New Jersey is seeking more than $640 million from Uber in taxes and penalties, saying the ride-hailing company misclassified its drivers as independent contractors.

The decision is the latest setback for Uber and other companies in the so-called "gig economy" that rely heavily on contract labor to deliver the services at the heart of their popular apps.

See the rest of the story at Business Insider

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