SFMTA Didn’t Rip Off Taxi Medallion Lender
The San Francisco Municipal Transportation Agency has not reneged on its deal with a credit union to give loans to taxi drivers so they can buy medallions, the pieces of tin that make it possible to drive a taxi, a San Francisco Superior Court jury ruled on Monday afternoon.
12-member jury verdict after less than a full day of deliberation dismisses a multi-year quest by the credit union to seek millions of dollars in compensation for locket loans that lost value once Uber and Lyft have decimated the taxi industry. Dozens of lockets were seized, but no one wanted to buy one at the purchase price of $ 250,000. The last medallion sold dates from April 2016.