Cab drivers launch a $1.7 Billion suit against the City of Toronto

Just when you thought it was over, the fight between the cab industry and the city of Toronto has ratcheted up.

A consortium of taxi companies has launched a lawsuit against the City of Toronto, for $1.7 billion.

The claim is for the city's failure to properly regulate ride-sharing services like Uber and Lyft.

"The public transportation companies right now, probably have about 70 thousand cars on the road." says Lawrence Eisenberg who is one of the plaintiffs in the suit.

He claims the $1.7 billion is the amount they have lost since the ride-sharing companies moved in back in 2012.

"Our taxi businesses, about 3 years ago  were worth about about $350 thousand a piece. Our licences, right now are worth about $30,000 because of what the city has done."

In response, the city claims that market forces that determine if a business model thrives or fails, is not under their control.

The class-action suit still needs to be certified.