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AP

A group of drivers have filed a lawsuit against ride-hailing company Juno (and its new parent company Gett) for breach of contract, false advertising and securities fraud, as Recode first noticed. Juno operates in New York City and branded itself as the driver friendly alternative to Uber and Lyft.

The issue: The drivers' biggest gripe is that Juno's main selling point to them was the promise of earning equity in the company, yet it rescinded that plan after it sold itself to Gett, another ride-hailing company operating in New York City, for $200 million. Instead, the company said it will pay cash bonuses to drivers with shares in the company.

Challenges: Juno said that even before the acquisition, it realized implementing its equity program would be more difficult than anticipated.

Piling on: In May, a guild representing drivers filed a complaint to the Federal Trade Commission accusing Juno of misleading drivers with its equity program.

Go deeper

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

The digital dollar is now high priority for the Fed

Illustration: Aïda Amer/Axios

The U.S. is starting to get serious about a central-bank-backed digital currency, with recent comments from top officials laying out the strongest support yet.

Driving the news: On Tuesday Fed chair Jerome Powell told Congress that developing a digital dollar is a "high priority project for us," but added that there are "significant technical and policy questions."

Dan Primack, author of Pro Rata
3 hours ago - Economy & Business

Coinbase files to go public via direct listing

Illustration: Sarah Grillo/Axios

Cryptocurrency exchange Coinbase on Thursday filed to go public via a direct listing. It includes a placeholder figure of $1 billion, but that's likely to change.

Why it matters: Coinbase could go public at a higher initial valuation than any other U.S. tech company since Facebook.

Trump’s blunt weapon: State GOP leaders

Trump supporters rally near Mar-a-Lago on Feb. 15. Photo: Joe Raedle/Getty Images

President Trump didn't have to punish his critics in Congress — his allies back in the states instantly and eagerly did the dirty work.

Why it matters: Virtually every Republican who supported impeachment was censured back home, or threatened with a primary challenge.