New York City plans to appeal a state Supreme Court ruling that struck down the city’s plans to expand yellow taxi service into all five boroughs, a ruling that could blow a $1.4 billion hole in its budget.

“We are deeply disappointed by the court's decision, and will be filing an immediate appeal," Michael Cardozo, corporation counsel for the city's Law Department, said in a statement. "The irrational fear of lost profits by medallion owners and lenders should not be permitted to derail these important programs.”

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.