Legal News

Taxi Medallion Sale Denied by Court in NYC
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

On Friday, a state judge issued a ruling that a new plan to expand city cabs outside of Manhattan is a violation of the state’s constitution. The plan was for New York City to raise $1.4 billion by selling 2,000 taxi medallions. Arthur Engoron, the acting Supreme Court Justice, said that “The entire act is null and void” when issuing a ruling in favor of the taxi owners who sued the city.

The decision issued by Engoron was made in part on Mayor Michael Bloomberg and his administration’s failure to have the city council approve the plan. The decision by the judge will be appealed by the city, according to Michael Cardozo. Cardozo is corporation counsel for the New York City Law Department. The cab owners claimed that their medallions would lose value if so many new ones were sold.

  
What
Where


“The irrational fear of lost profits by medallion owners and lenders should not be permitted to derail these important programs,” Cardozo said in a statement.

Bloomberg has not announced how the gap in the budget will be filled now that the court has ruled in favor of the cab owners. Bloomberg said previously that jobs might be cut if the city lost the case. Bloomberg hoped to raise $635 million by selling the 2,000 medallions for the $68.7 billion budget for the fiscal year of 2013. In 2014, $365 million would be raised and in 2015, $460 million would be raised.

A plaintiff in the case, The Metropolitan Taxicab Board of Trade, said that owners are “breathing a sigh of relief that their livelihoods will not be destroyed by this flawed and destructive plan.”

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!






 

RELEVANT JOBS

Associate Attorney

USA-CA-Sacramento

Qualification Requirements: Candidate must possess the requisite knowledge, skills and capability...

Apply now

Patent Paralegal

USA-TX-Austin

Boutique patent firm seeks experienced patent paralegal to support a small group of attorneys. This ...

Apply now

Staff Accountant

USA-CA-San Francisco

Levin Simes Abrams LLP has an immediate opening for a Staff Accountant to join our team and work clo...

Apply now

Attorney with some Unlawful Detainer experience preferred

USA-CA-Oakland

Oakland based law office has an opening for an Unlawful Detainer Attorney This is a temporary to ...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Intellectual Property Attorney

USA-CA-Los Angeles

Los Angeles office of a BCG Attorney Search Top Ranked Law Firm seeks an intellectual property attor...

Apply Now

Electrical Engineering, Computer Science/Engineering Associate Attorney

USA-IL-Chicago

Chicago office of a BCG Attorney Search Top Ranked Law Firm seeks electrical engineering, computer s...

Apply Now

Attorney

USA-FL-Jacksonville

Jacksonville office of a BCG Attorney Search Top Ranked Law Firm seeks an attorney with 4-20 years o...

Apply Now

SEARCH IN ARCHIVE

To Top