A key factor in the board's decision was the ability for Uber drivers to choose when to work.
The strike, planned ahead of Uber's Friday initial public offering, is being backed by the New York Taxi Workers Alliance.
Uber sued reportedly out of fear the cap will be made permanent.
Critics of the minimum wage mandate, mainly ride-hailing companies, say that the proposal will make rides more expensive.
The program, a partnership between Uber and Getaround, launched for drivers in San Francisco in May.
Economists from New York City’s New School and the University of California, Berkeley proposed that drivers should be earning $17.22 an hour after expenses, a 22.5% increase based on average pay rates.
The lawsuit was brought against the company by drivers in California for alleged labor-code violations.
Uber is partnering with Enterprise Rent-A-Car on a car rental pilot program in Denver. Enterprise will provide rental cars to Uber drivers by the week or month.