Acting Supreme Court Justice Robert Stolz dismissed all grand larceny counts against former Dewey & LeBoeuf chief financial officer Joel Sanders and former executive director Stephen DiCarmine, in a case with only three remaining criminal counts.

The charges remaining are scheme to defraud, securities fraud and conspiracy. Stolz declined to dismiss the lower level felonies and misdemeanor, which don't carry a mandatory prison sentence.

In March 2014, the district attorney initially brought more than 100 criminal counts against four Dewey defendants.

The now-dismissed grand larceny charges amount to 15 counts in the indictment. They related to Dewey's refinance of debt in 2010, which included $150 million private bond offering of securities with insurance companies and a $100 million revolving line of credit with banks.

The indictment's grand larceny charges required a minimum sentence of one to three years and a maximum sentence of up to 25 years upon conviction.

Because people have pleaded guilty to the crimes charged, defense attorney Charles Stillman said, "it would be very surprising to me" if the district attorney would now dismiss the case or offer deferred prosecution agreements to people who already have been tried.

"I think they're going to go to retrial," said Stillman, a partner at Ballard Spahr in New York.