The U.S. Court of Appeals in Boston on Wednesday upheld a ruling that dismissed claims by the SEC against James Tambone, former co-president of distribution at Columbia Management and former sales executive Robert Hussey, BusinessWeek reports.

The SEC filed a complaint against the two in 2006, alleging that they provided clients with materials stating that Columbia's funds avoided market timing. The commission alleged that the two had known the funds engaged in such practice.  

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