Melbourne, Oct 19 (IANS): Taxi drivers here in Australia are planning to sue ridesharing company Uber for $355 million citing damages and "lost profits", media reports said on Friday.

They are seeking compensation claiming the ride-share company stole their business and ruined their livelihoods, Xinhua news agency reported.

The class action law suit claiming Uber operated illegally in the city would be filed in the coming weeks.

It is related to the profits allegedly lost during Uber's operation in Melbourne prior to being legalised, the Nine News channel reported.

About 1,000 people who held a taxi licence while Uber was "operating unlawfully" has joined the action, Senior Associate Elizabeth O'Shea said.

Commercial Passenger Vehicle Association President Rod Barton said Uber was being sued as they came into Victoria knowing full well that the law required the firm to have a taxi or hire car license to operate.

Uber first arrived in Australia in November 2012 but was not legal in Victoria until August 2017, the channel reported.

The company's Victoria state manager Lucas Groeneveld told the media that it has not yet been notified of any class action.