A federal judge has rejected a Securities and Exchange Commission case against two mutual fund executives, citing deficiencies in the complaint, the National Law Journal reports.

The case involved two former executives of Columbia Funds Distributors accused of allowing customers to engage in market timing. The SEC filed a case against the two in February 2005 but dismissed it in January 2006. Then, it brought a new lawsuit against them in May 2006, which was dismissed this past December. The SEC appealed the case in March, and it is still pending.

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