Chicago Parking Meters LLC, a venture-backed company better known as ParkChicago, was hit with federal antitrust claims Wednesday over a $1.16 billion deal that allegedly gave the company a 75-year monopoly over Chicago’s parking meters starting in 2009.
The proposed class action, filed in the U.S. District Court for the Northern District of Illinois, challenges an amended version of the deal signed in 2013. It doesn’t name Chicago as a defendant, but it accuses the city of giving ParkChicago “windfall profits” by letting it veto critical development decisions.
ParkChicago is now “exercising illegal monopoly power that depends on maintaining barriers ...
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