Uber (UBER) shares declined 1.6% in early trading on Friday. A federal jury in Phoenix, Arizona, ruled on February 5 that the company must pay $8.5 million in damages in a sexual assault case, determining the assailant, who was an Uber driver, acted as an agent of the company.

The jury found that the Uber driver was acting as an agent of Uber, holding the company responsible for the driver's actions. This case is the first to go to trial among more than 3,000 similar lawsuits consolidated in federal court against Uber and is considered a bellwether case.

An Uber spokesperson stated the company plans to appeal the verdict and noted that the jury rejected the plaintiff's additional claims alleging negligence or safety system failures by Uber. "The verdict confirms that Uber acts responsibly and has made substantial investments in rider safety," the spokesperson said.