New York City moves to revoke Michael Cohen's taxi medallions

New York City is giving President Trump's former attorney and fixer Michael Cohen a chance to divest his 10 city taxi cab medallions, which are needed to own and operate the city's iconic yellow cabs. If Cohen doesn't divest his stake in the medallions, they will be revoked, the city says.

The New York City Taxi and Limousine Commission (TLC) says it "intends to revoke" the medallions following Cohen's guilty pleas on charges of fraud and campaign finance violations, according to a letter addressed to him from Andrew Rabin, the prosecuting attorney for the commission.

The TLC will allow Cohen an opportunity to salvage some value from the medallions by giving him until Sept. 10 to sell or transfer ownership of them. Otherwise, they will be formally revoked, according to the letter.

https://www.cbsnews.com/news/new-york-city-moves-to-revoke-michael-cohens-taxi-medallions/