First Boston Corp. officials said yesterday that the Securities and Exchange Commission's announcement that it has no plans to bring inside trading charges against the firm is clear vindication that nothing illegal occurred during a New York City bond refunding in March.

For months, the firm has been working with New York City finance officials under the cloud of suspicion that it acted improperly as lead manager of a $1 billion refunding. With the conclusion of the SEC investigation, First Boston officials say the relationship between the firm and the city can return to normal.

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