Jacoby & Meyers Looks To Revive Nonlawyer Investment Suit

By Dan Packel (August 14, 2015, 7:45 PM EDT) -- Jacoby & Meyers LLP on Friday appealed a decision throwing out its putative class action challenging the constitutionality of New York regulations prohibiting law firms from selling stakes to nonlawyers.

The firm filed a notice of appeal with the Second Circuit, a month after 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. This will be the second time the long-running suit goes before the appeals court.

The firm had argued that a number of other New York provisions — each banning law firms from...

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