WASHINGTON (AP) _ The Supreme Court today turned down an appeal by boxing promoter Don King's company in an insurance fraud case that federal prosecutors now have decided to drop.

The court, without comment, turned away Don King Productions' argument that King's testimony in a 1995 insurance fraud trial should not be used against the company.

The 1995 trial ended in a hung jury. In the second trial that ended last July, King was acquitted of all charges while the jury was unable to reach a verdict on charges against his company. Prosecutors said they will not seek a retrial of the company.

King was accused of altering a contract with a fighter to cheat Lloyd's of London out of $350,000. He had taken out an insurance policy with Lloyd's in case a 1991 fight between Julio Cesar Chavez and Harold Brazier was canceled.

The fight was called off when Chavez got hurt during training. Prosecutors said King altered his contract with Chavez in a way that would force Lloyd's to reimburse King for all training expenses and then fraudulently collected $350,000.

The 1995 trial involved charges against King but not against his company, and the boxing promoter testified that the contract was altered without his knowledge or approval. The 2nd U.S. Circuit Court of Appeals ruled the testimony could be used against King's company in the subsequent trial.

In appealing to the Supreme Court, lawyers for Don King Productions said allowing use of King's testimony would violate the company's right to confront the witnesses against it.

The case is Don King Productions vs. U.S., 97-1956.