AC Milan and Inter Milan were cleared of false bookkeeping by a Milan judge on Thursday.
Milan vice president Adriano Galliani, Inter vice president Rinaldo Ghelfi and former Inter director Mauro Gambaro were also cleared by Judge Paola Di Lorenzo.
Both clubs reported the court's decision on their Web sites. The judge ruled that the allegations in the case no longer constituted a crime since the law on accounting violations was changed in 2002 when Milan president Silvio Berlusconi was Italy's premier, the ANSA news agency reported.
The soccer inquiry focused on alleged false accounting for both clubs between 2003 and 2004.