New Jersey’s Department of Labor & Workforce Development said Tuesday that Uber Technologies Inc. UBER, -3.63% and a subsidiary submitted a $100 million payment to the agency’s Unemployment Trust Fund after an audit determined that the companies wrongfully classified nearly 300,000 drivers as independent contractors. In doing so, Uber and the Rasier LLC subsidiary “[deprived] them of crucial safety-net benefits such as unemployment, temporary disability and family leave insurance, and failed to make required contributions toward unemployment, temporary disability and workforce development.” Uber shares are down 5.5% Tuesday amid a broader market rout. The stock has gained 42% over the past three months as the S&P 500 SPX, -4.32% has increased 6.2%.
