New York (CNN Business) A New York State judge has denied and dismissed a Lyft lawsuit challenging the implementation of the first-of-its-kind minimum wage law in New York City.

Lyft sued the New York City Taxi and Limousine Commission at the end of January over the minimum-pay formula behind a new law that went into effect on February 1. The law requires drivers for ridehailing companies like Uber and Lyft earn a minimum take-home wage of $17.22 per hour.

One of Lyft's chief complaints was that the formula for the minimum-wage amount, which was voted on by the TLC, favors the company with the biggest marketshare: Uber.

Lyft LYFT Supreme Court Judge Andrea Masley ruled against, according to a copy of the court filing signed this week. Masley upheld the original minimum-pay formula.

"TLC's rules have hurt earning opportunities for drivers, and will diminish competition that benefits drivers and riders," a Lyft spokesperson said in a statement. "We will continue fighting to provide the best experience for drivers and riders in New York City."

Read More