New York ordered to pay US$810 million to debt-hit taxi drivers

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NEW YORK: New York must pay US$810 million to its debt-ridden cabbies, the state attorney general said Thursday (Feb 20), accusing the city of ...

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NEW YORK: New York must pay US$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.

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 US$283,300 in 2004 to US$965,000 in 2014. The state's prosecutor said medallion prices were fraudulently set so high that drivers could not pay them off with their earnings from cab operation regulated by the city itself."These taxi medallions were marketed as a pathway to the American Dream, but instead became a trapdoor of despair for medallion owners harmed by the TLCs unlawful practices," James said in a statement.

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