The New York City Council has appointed Max E. Greenberg Professor of Contract Law Clayton Gillette to serve on its newly created Taxi Medallion Sales Price Task Force. Medallions, which are issued by the city but then can be sold on the private market, allow owners to operate city-sanctioned yellow cabs. The council created the task force following reports in the New York Times and elsewhere about alleged financial misconduct of sellers and lenders in the medallion market. Medallion prices soared above $1 million in 2014, but have since plummeted, leaving many drivers in financial ruin, according to the Times.
Gillette’s teaching and scholarship concentrate on local and government law, as well as contracts and commercial law. His research concerns issues as varied as local redistribution, contract design, long-term contracts, the political economy of international sales law, standard form contracts, municipal bankruptcy, and relations between localities and their neighbors. Gillette also serves as Director of the Marron Institute of Urban Management at NYU. He has supervised students working on governance structures that increase fiscal stability for the Office of the Emergency Manager of the City of Detroit, and has consulted in litigation and arbitrations on subjects ranging from the interpretation of sophisticated financial contracts to defaults on municipal bonds.
Posted July 24, 2019