Uber loses a key legal battle, which could hurt its UK business model and hurt gig economy companies

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Uber lost a key court ruling on Friday, which could damage its business model and move shares into one of its biggest international markets. The UK Supreme Court has ruled that ridersharing app drivers should be classified as workers, which means they are entitled to holiday pay and minimum wage.

The crucial ruling has broad implications for the gig’s economy and could mean that Uber UBER, -2.98%, faces large compensation claims.