SoylentNews

Phoenix666 [soylentnews.org] writes:

Owners of New York City's taxi "medallions" filed a lawsuit (PDF) [arstechnica.net] against city regulators today, saying their business has been devastated by the decision to allow companies like Uber to compete using "E-hail" services [arstechnica.com].

A medallion is required to operate a New York City yellow taxicab, the only type of vehicle allowed to accept passengers who hail cabs on the street. Until recently, those medallions could sell for over $1 million. Companies like White & Blue Group, one 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 largest fleet of leased taxicabs in New York, "has seen its monthly leasing income drop as much as 50% in the past year," and has been forced to idle as much as 20 percent of its fleet each day. The complaint was filed today and reported earlier by Reuters [reuters.com].

Extortionists crying about losing money is about the saddest sight in the world.

Original Submission