A Georgia gun dealer who has been accused by New York City of illegally selling handguns withdrew Monday from the trial, prompting Mayor Bloomberg to declare this “an important victory for New Yorkers,” reports the Associated Press.

Jay Wallace, the owner of Adventure Sports Inc. in Smyrna, Ga., withdrew Monday from the case, citing financial issues as the cause.

A lawyer for Wallace said in court papers Monday that his client considered the trial a waste of money and time and that he feared he would not get a fair trial. Defense attorney John Renzulli said Adventure Sports was “a small retail dealer with limited resources” who had “chosen not to engage in the futile exercise of defending itself at a bench trial, and to appeal any default judgment that may be entered against it,” as quoted by the AP.

Opening arguments had been set for Tuesday in Brooklyn. Jury selection began last week.

“This is an important victory for New Yorkers, as good as a win at trial, and a validation of our innovative efforts to hold gun dealers accountable for following federal laws,” Mayor Michael Bloomberg said in a statement.

The city sued Wallace and 26 other gun dealers, accusing them of selling weapons illegally or negligently, and thus allowing the guns to reach New York City, with grave consequences.

Some of the gun shops settled by agreeing to have sales monitored. Wallace rejected the deal and planned to go to trial. He even called the case “ridiculous” at one point and filed a $400 million countersuit, accusing the mayor of libel.

U. S. District Judge Jack Weinstein had appointed an “advisory jury,” which means the verdict would have ultimately been up to him. Wallace opposed this, saying the court’s opinion of the case was already clear.

A default judgment is to be entered against him. His attorneys seek to move to an appeals court.