The High Court has dismissed a challenge from three taxi-drivers who claimed the sudden deregulation of the market in 2000 reduced the value of their taxi plates to almost nothing.

Their plates were initially worth upwards of €100,000.

The three drivers sought damages in a test case on behalf of more than 1,200 drivers, on the basis that they suffered significant and immediate losses due to the overnight deregulation and liberalisation of the market.

Tommy Gorman, former President of the National Taxi Drivers Union, told Newstalk's Lunchtime with Jonathan Healy programme that their legal team will now scrutinise the judgement to see if there are grounds for appeal:

"Obviously our legal team is looking at the now."

He said: "We'll look if we have any grounds for an appeal, to take it back to the appeals court, and then maybe on to the Supreme and even onto Europe".