A California appeals court has thrown out a $34.5 million malpractice verdict against Holland & Knight, finding against investors who accused the firm of facilitating a Ponzi scheme by a real estate promoter.

Holland & Knight secured the appellate court win on Monday, when a three-judge panel in the California Court of Appeal’s Second Appellate District ruled that the investors—plaintiffs Rahim Sabadia, the Sabadia Family Trust and the Sabadia Family Irrevocable Trust—didn’t adequately show that the law firm’s conduct caused them to lose money.

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