A New York state appeals court has dismissed Dan Rather's $70 million lawsuit against CBS, legal records show.

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Rather, 77, alleged in court papers that the network, his workplace for 44 years, violated their contract with him, limited his air time and ruined his reputation by making him take the fall for an erroneous 2004 story about President George W. Bush's Vietnam-era Texas Air National Guard service.

However, the New York Post said a five-judge panel ruled unanimously Tuesday that the veteran broadcast journalist's lawsuit had no merit.

"We believe the decision is incorrect on a number of grounds and, accordingly, we intend to ask the New York Court of Appeals to review it," Rather's attorney, Martin Gold, told the newspaper.