Owners of New York City’s taxi “medallions” filed a lawsuit (PDF) against city regulators today, saying their organization has been devastated by the choice to allow companies like Uber to compete using “E-hail” solutions.
A medallion is needed to operate a New York City yellow taxicab, the only type of automobile permitted to accept passengers who hail cabs on the street. Till lately, these medallions could sell for over $ 1 million. Organizations like White & Blue Group, 1 of the plaintiffs in the case, managed fleets of licensed taxicabs by leasing out the medallions.
According to the suit, White & Blue Group, which manages the biggest fleet of leased taxicabs in New York, “has observed its monthly leasing earnings drop as considerably as 50% in the previous year,” and has been forced to idle as considerably as 20 percent of its fleet every single day. The complaint was filed nowadays and reported earlier by Reuters.