The Ontario Securities Commission has dismissed allegations of insider trading and tipping against Jowdat Waheed and Bruce Walter, who were key figures in a company that waged a 2011 bidding war for Baffinland Iron Mines Corp.

Nunavut Iron Ore Acquisition, which Walter and Waheed headed, later joined forces with their rival — multinational steel giant ArcelorMittal ​— to buy Baffinland in partnership for about $590 million.

A panel of three OSC commissioners, which held hearings earlier this year, ruled that the evidence didn't support the allegations that were filed against the two men in early 2012.

An allegation of acting contrary to the public interest was also dismissed.

The panel decided that Waheed ​— a former consultant to Baffinland ​— wasn't in a special relationship with the junior mining company and didn't have knowledge of material facts about the ArcelorMittal negotiations at the relevant times.

It also decided that Walter —  who had been friends with Waheed since the 1980s and helped him form Nunavut Iron Ore — didn't receive insider information about the ArcelorMittal negotiations from Waheed.