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Mercedes Dealer Among Potential Jacoby & Meyers Investors

Three directors of a small New York bank, including one who also sells new and used Mercedes-Benzes, want to be the first nonlawyer investors in Jacoby & Meyers, the discount law firm with storefront offices across the U.S.

Jacoby & Meyers, saying it needs capital to expand into communities with working-class and immigrant families, asked federal judges in New York, New Jersey and Connecticut to throw out state laws barring nonlawyers from owning interests in law firms. A judge New York in today dismissed the suit there. One in Trenton, New Jersey, yesterday let that case proceed.