New York’s highest court on Thursday rejected a taxi fleet owner’s lawsuit alleging New York City duped him when it sold him more than a dozen yellow cab medallions, and then set out to allow Uber and Lyft to surge into the market, driving down the value of the asset.

Richard Chipman had purchased 14 yellow cab medallions at a public auction held by the city and its Taxi & Limousine Commission in 2013, paying $1.1 million to $1.3 million per medallion for seven of his taxi companies.