A new law that allows New York Mayor Michael Bloomberg to seek a third term to help the city deal with the global economic crisis is an illegal “end run” around New York voters, a lawsuit filed on Monday says.

Last week, Bloomberg signed a law increasing the term limit for elected officials to three four-year terms from two. The law runs counter to two public referendums, held in 1993 and 1996, that imposed the two-term limit.

Bloomberg, a former Wall Street trader and self-made billionaire who was elected mayor in 2001 and again in 2005, has said his financial experience would be invaluable when the city is bracing for lean times.

But in a civil rights lawsuit filed in federal court in Brooklyn, a group of elected officials and voters said that the term limits law denied voters “meaningful participation in the political process” because it overturns the two referendums by a legislative act, rather than by putting it to a public vote.

The law effectively discourages New Yorkers from voting and from participating in future voter referendums because voters can no longer be certain that their votes will count, said Norman Siegel, one of the lawyers, told reporters.

The lawsuit names Bloomberg, City Council Speaker Christine Quinn, the city Board of Elections and the board’s president, James Sampel. It seeks an injunction to stop the law from taking effect.

I believe that the law that states that a mayor could only serve two terms was voted on by the people, if so, then they should be the ones to overturn the law.  Not in some backroom filled with fat cats wanting to be in control, or shopuld I say want to remain in control?