⚖ Oral Arguments, with Context

The Second Circuit hears an appeal by buyers of New York City taxi medallions, the permits needed to operate yellow cabs. The buyers allege that city officials promoted medallions as a sound investment while publishing misleading prices and allowing collusive bidding. They say this induced them to overpay for medallions and caused substantial financial losses. They sued under RICO, the federal racketeering law. These are allegations, not findings that the city committed fraud. The district court initially dismissed the claims as too late. On reconsideration, some claims survived that timing ruling, but the court still rejected the requested monetary relief. The buyers seek three times their losses, or an order requiring the city to surrender money it allegedly gained. Their lawyer will argue that RICO permits monetary relief against a municipality. The city will defend its immunity from the requested damages and argue that the claims are time-barred. Listen for two threshold questions: whether an earlier class action paused the filing deadline for these claims, and whether the law allows the buyers to recover money from the city even if they could prove their allegations.

Soybel v. City of New York (No. 25-667) — U.S. Court of Appeals for the Second Circuit, argued November 6, 2026.