Former Tremeloes members Rick Westwood and Len Hawkes have been acquitted of indecently assaulting a 15-year-old girl in 1968.
The pair were charged in November with one count each of indecent assault relating to an incident in Chester in 1968.
But the BBC report a judge at Reading Crown Court ordered that both men be found not guilty as there was no evidence to offer.
Hawkes said he and Westwood felt like a “black cloud” had been lifted after the verdict, adding: “The past two years and seven months have been the worst time of our lives. Our families have had to endure the stress and media publicity and it’s taken its toll on all of us.”
Hawkes, who has undergone treatment for bone cancer, reported that his career had been badly damaged by the accusations and that a member of the public attacked him prior to a previous court appearance.
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A statement read by Westwood’s solicitor says: “It is too late for me and my family to get back the years of our life that have been destroyed in this process. We were punished and suffered for something that was simply not true.
“It is a disgrace and wholly misleading that a single claim dating back more than 48 years ago was never properly investigated before my good character was attacked.”
Guitarist Westwood left the band in 2012 while bass player Hawkes last performed with the group in 1988. The Tremeloes formed in London in 1958 and are still active today, with drummer Dave Munden the only remaining founding member.