Fund Underwriter Execs Dodge Implied Statement Claim

Law360, New York (March 11, 2010, 5:22 PM EST) -- Following an en banc rehearing, the U.S. Court of Appeals for the First Circuit has agreed to dismiss a claim the U.S. Securities and Exchange Commission brought against two former executives of Columbia Funds Distributor Inc., finding that they cannot be held liable for implied statements.

On Wednesday the appeals court affirmed the U.S. District Court for the District of Massachusetts' decision to throw out a mutual fund market-timing claim accusing Columbia executives James Tambone and Robert Hussey of making untrue statements in connection with the...
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