Uber Q3 Loss
A photo illustration shows the Uber app logo displayed on a mobile telephone, as it is held up for a posed photograph in central London, Britain Oct. 28, 2016. REUTERS/Toby Melville

Ridesharing service Uber will pay $20 million to settle allegations from U.S. regulators, who said the company mislead drivers on their potential earnings and financing options, according to a release Thursday from the Federal Trade Commission.

In its statement, Jessica Rich, director of the FTC’s Bureau of Consumer Protection, said the agreement would help the average Uber driver.

“Many consumers sign up to drive for Uber, but they shouldn’t be taken for a ride about their earnings potential or the cost of financing a car through Uber,” Rich said. “This settlement will put millions of dollars back in Uber drivers’ pockets.”

In the FTC’s complaint, the commission cites Uber’s listed figures for a driver in New York and San Francisco. In promotional materials, the company said uberX drivers in each city had respective annual median incomes of more than $90,000 and $74,000. However, the commission found less than 10 percent of drivers in those cities made this advertised median income. Uber also made similar exaggerated claims in cities including Boston, Denver and New Jersey.

Uber’s Vehicle Solutions financing program was also found to have made similarly excessive claims. According to the report, average car lease payments through the program were generally higher than what drivers with comparable purchase backgrounds not involved with Uber would make. Additionally, mileage agreements with leases were found to have been overstated.

In a statement via Reuters, Uber said it acknowledged the agreement with the FTC.

"We’ve made many improvements to the driver experience over the last year and will continue to focus on ensuring that Uber is the best option for anyone looking to earn money on their own schedule," Uber said.