Apple and Lyft pay $1.8 billion in cash for ride-hailing company, deal with regulators

Apple Inc. and Lyft Inc. have reached an agreement to pay $7.8 million each to settle federal charges that they illegally promoted ride-sharing services as a way to get money from consumers and boost profits.

The two companies said Friday they agreed to pay an additional $2.5 million to settle claims that they misled consumers about their business practices and provided false information about their ridesharing offerings.

The companies said the settlement resolves claims that ride-hopping services are deceptive and fraudulent, and that they created an environment where consumers would receive misleading information about the terms and conditions of the rideshares.

The company’s stock price rose more than 3% after the news broke, though it fell 1.2% in after-hours trading.