NYC Medallion Owners File $2.5 Billion Class Action Suit Against City

The suit alleges the City “artificially” inflated yellow cab medallion prices it sold at auction by lying about their value. Case could be final chapter in medallion saga

“There was a large-scale fraudulent scheme to artificially inflate medallion values and drive up the prices…It’d be one thing if the medallion prices rose through natural market conditions. But between 2004 and 2014 they skyrocketed as a result of fraudulent manipulation by the TLC and the city of New York.” - Jon Norinsberg, lawyer who represents medal…