‘This case was always about a bank bailout, plain and simple. None of that money would have gone to taxi medallion holders. We’re pleased the jury saw through the disinformation being put out by the other side.’
SAN FRANCISCO (Oct. 4, 2021) — City Attorney Dennis Herrera issued the following statement today after a jury in San Francisco Superior Court rejected a lawsuit brought by the San Francisco Federal Credit Union against the San Francisco Municipal Transportation Agency over loans the credit union issued for taxi medallions:
“This case was always about a bank bailout, plain and simple. None of that money would have gone to taxi medallion holders. We’re pleased the jury saw through the disinformation being put out by the other side.”
“The City and the Credit Union have a contract. The City has not broken that contract, so taxpayers should not have been forced to bail out this bank. For years the Credit Union kept the profits its medallion loans generated. It didn’t share those profits with taxpayers. Now under new management, the Credit Union was seeking to have taxpayers foot the bill for its investment choices. If the Credit Union had succeeded, not a penny of that money would have gone to drivers.”
“We’re looking forward to putting this case behind us so the focus can return to meaningful improvements in the taxi marketplace.”
Additional information is available on the City Attorney’s website at: www.sfcityattorney.org.
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