New York ordered to pay $810 million to debt-hit taxi drivers
Source: Agence France-Presse
New York must pay $810 million to its debt-ridden cabbies, the state attorney general said Thursday, accusing the city of fraudulently inflating the value of permits needed to drive its famed yellow taxis.
Letitia James, head prosecutor for the state of New York, said an investigation by her office showed that the auction price of thousands of permits, known as medallions, had been artificially inflated by hundreds of millions of dollars between 2004 and 2017.
The attorney general's office alleged that the Taxi and Limousine Commission knew in 2011 that the price of medallions had passed actual value.
Yet the administrative body "published false and misleading medallion prices" in a number of cases, James' office said, causing the price of a single medallion at auction to spike from $283,300 in 2004 to $965,000 in 2014.
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