A three-judge panel of the 3rd U.S. Circuit Court of Appeals has unanimously decided to dismiss the securities suit brought forth by investors in a mutual fund that lost $900 million by waiting to sell its holdings in Enron until two days prior to the firm's bankruptcy, according to Law.com.

In Benak v. Alliance Capital Management, the judges concluded that the mutual fund investors waited too long before going to court, as the one-year statute of limitations had already passed when the Alliance investors filed the suit.

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