Jacoby's NY Stakes Suit Axed As Constitutional 'Mockery'

Law360, New York (July 16, 2015, 8:11 PM EDT) -- A New York federal court Wednesday tossed Jacoby & Meyers LLP's putative class action challenging the constitutionality of New York regulations prohibiting law firms from selling stakes to nonlawyers, saying the suit makes a "mockery" of the First Amendment.

U.S. District Judge Lewis A. Kaplan granted state Attorney General Eric Schneiderman's bid to dismiss the third amended complaint in Jacoby & Meyers' long-standing suit. The firm had argued that a number of other New York provisions — each banning law firms from obtaining equity investments in their practices from nonlawyers — violated the First and Fourteenth amendments and the Commerce Clause....

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