The state's attorney general is arguing medallion prices were unfairly inflated.
Catch up on the developing stories making headlines.New York Attorney General Letitia James announced plans to sue New York City for allegedly fraudulent practices by its Taxi and Limousine Commission, accusing the agency of running a scheme on taxi drivers that created a"trapdoor of despair."
"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 TLC's unlawful practices," she added. The price of an individual taxi medallion sold at an auction skyrocketed 240% from 2004 to 2014, from $283,300 to $965,000.
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