Toronto just got sued $1.7 billion over Uber

Once you thought the Uber versus taxis debate had maybe subsided, it has launched back into the stratosphere. 

Various taxi services have launched a huge lawsuit against the City of Toronto, which they say has failed to properly regulate the ride-sharing service. 

The plaintiffs, Lawrence Eisenburg from Lucky 7, Behrouz Khamza of Taxi Action, and Sukhvir Thethi of Ambassador, are claiming $1.7 billion in damages, which they say is the amount licensed taxis have lost since Uber and other ride-sharing services came to the city. 

The suit also claims the City failed to protect the taxi industry and is therefore negligent. The City says it is not responsible for financial loss or the devaluation of taxi plates, or the role of driving a taxi in providing a retirement pension, which the plaintiffs claim was promised to them. 

The City has also replied in defence by saying that market forces that determine the success of a business is not under their control.