The settlement, which still requires approval in San Francisco Superior Court, would resolve claims brought by California Attorney General Rob Bonta's office and the city attorneys of San Francisco, Los Angeles and San Diego.
The company, however, continues to dispute the state's allegations and maintains its drivers were properly classified.
Under the agreement, at least $237.075 million would be set aside for drivers who worked for Lyft between April 5, 2016, and Dec. 15, 2020. Individual payments would be based on the number of hours and miles driven during that period.
"Subject to court approval, today's settlement will put money back in the pockets of thousands of drivers who have waited for their long-deserved pay," Bonta said.
California had recently tightened its rules for determining whether workers could be classified as independent contractors, including through a 2019 law that expanded a California Supreme Court test for worker classification.
"If approved, this settlement closes a chapter from a very different time, before Prop 22," Lyft said in its statement to CBS News.
Lyft also pointed to changes made since 2020, including benefits under Proposition 22 and a cap on the share of rider payments the company keeps as fees.
If the settlement is approved, a third-party administrator will contact eligible drivers once Lyft begins making payments.
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