Capital One Sued For Quitting Taxi Venture, Backing Uber

Law360, San Francisco (July 1, 2015, 8:06 PM EDT) -- Capital One NA was hit with a lawsuit in the Supreme Court of New York Tuesday claiming that the bank abandoned an $80 million credit facility partnership with Transit Funding Associates LLC, which loans money to Chicagoans seeking taxi medallions, so it could partner with ride-hailing titan Uber.

TFA claims that Capital One lured the Chicago lender away from its relationship with Cole Taylor Bank in 2009, agreeing to back TFA's medallion financing program. At the time, Capital One was "eager" to break into the market and saw TFA's relationships with more than 2,500 medallion owners as a way to do...

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