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Contracts Keyed to Epstein
Singh v. City of New York
Citation:
189 A.D.3d 1697, 139 N.Y.S.3d 307 (2020)Facts
The plaintiffs in this putative class action seek to recover monetary damages under their contracts to purchase New York City taxi cab medallions, due to the alleged actions of the defendants, the City of New York and the New York City Taxi and Limousine Commission (TLC), which caused a dramatic loss in value of the medallions after the medallions had been purchased at auction. The plaintiffs allege that prior to holding three tax cab medallion auctions in 2013 and 2014, the TLC intentionally overstated the value of taxi medallions and concealed the fact that the value of those medallions had already begun to decline due to factors known to the TLC but not disclosed to the plaintiffs and that after the auctions, the TLC significantly undermined the value of the medallions it had just sold to the plaintiffs. Plaintiffs alleged that defendants breached the implied covenant of good faith and fair dealing.
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