In a loss for the struggling taxi industry, a federal appeals court has ruled that Uber‘s entry into the Philadelphia transportation market did not run afoul of antitrust laws despite causing a precipitous drop in the value of taxicab medallions.

A unanimous three-judge panel of the U.S. Court of Appeals for the Third Circuit ruled Tuesday that the Philadelphia Taxi Association and 80 individual taxicab companies failed to show that Uber violated the Sherman Act by depressing competition. The precedent-setting decision affirmed a holding by the U.S. District Court for the Eastern District of Pennsylvania.