Yellow taxi driving down a street in San Francisco Credit/Shutterstock

A California Court of Appeal affirmed last week a lower court's jury verdict that the San Francisco Metropolitan Transportation Authority (SFMTA) did not breach its taxi medallion lender agreement that led to millions of dollars in losses for the $1.4 billion San Francisco Federal Credit Union (SFFCU).

"We are pleased the court affirmed that the City did not break its contract and acted in good faith," San Francisco City Attorney David Chiu said. "We are hopeful the credit union will engage with the city on ways we can improve the taxi medallion program."

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