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SEC Drops Case Against Software Executives

The New York Times

In an unusual retreat, the Securities and Exchange Commission has dropped a lawsuit against the former president and chief executive of the TenFold Corporation, a software developer that the commission has been investigating for more than five years. The commission voted last week to drop all charges against Gary Kennedy, the former chief executive of TenFold, and declined to approve settlements with two other company executives, according to people briefed on the closed-door meeting.

"I am thrilled and amazed," said Stuart L. Gasner, a partner with Keker & Van Nest who represented Mr. Hughes. "My takeaway is that they finally came around to accept our view of the case."