New York AG Opens Probe Into NYC Taxi Medallion Market

Law360 (May 20, 2019, 10:05 PM EDT) -- New York's top prosecutor said Monday that her office is launching an inquiry into reports of allegedly predatory lending practices surrounding New York City's once-coveted taxicab medallions, whose average sale price quintupled to more than $1 million between 2002 and 2014.

Empire State Attorney General Letitia James said recent reporting had raised what she called "serious" allegations about lenders trapping hapless taxi drivers in usurious loans used to finance the purchase of the medallions, which are required to operate a cab in New York City.

"Our office is beginning an inquiry into the disturbing reports regarding the lending and business practices...

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