In 2016, car2golf and car2bikes teamed up to offer collision insurance to the general public, and the result was a hit to their bottom line.
The new partnership has been hit hard by the rise of ride sharing, and it has left them in the lurch.
As of the end of June, both companies reported a net loss of $20 million on revenues of $4.4 million.
This was due to losses due to vehicle damage, loss of business, and losses from claims filed against them.
The combined company was also hit by a class action lawsuit by more than 2,000 former and current employees and owners of car2Go vehicles, claiming they were not adequately compensated for their work on the platform.
After years of negotiations with the company and agreeing to work out a settlement, the company has announced a $3.5 million settlement.
In addition to the $3 million, the companies agreed to a $1.2 million in back pay for the employees who lost their jobs.
Both companies are also giving up some of their profits from the lawsuit.
Car2go says the settlement will also provide them with $1 million to compensate for claims against them that were not filed against the other company.
The companies have also agreed to stop offering the app in California.
While the terms of the settlement have not been disclosed, they are expected to address concerns of the companies’ drivers and the drivers’ families who are currently impacted by the lawsuit, and to address potential litigation.
The agreement will also require the parties to keep the parties’ current employees informed about the settlement, as well as the parties attorneys, to inform their current and future drivers about the agreement.
Car 2go says it has made a number of improvements to the platform since the settlement agreement was announced.
In a statement to Engadge, CEO John Ruhlman said, “Our company has been working with the California Department of Insurance and the Department of Justice since last year, to resolve the outstanding claims from our drivers and owners, as part of a comprehensive settlement.
The California Department and DOJ have provided significant support to us and we are very pleased to be able to begin the process of working with them.”
The companies plan to release more details about the deal later this month.