Time magazine said it wanted to set the record straight by formally apologizing for a story jointly reported with CNN that claimed U.S. commandoes used nerve gas to kill American defectors during the Vietnam War.

"Like CNN, we retract the story and apologize," Time Managing Editor Walter Isaacson said in a full-page statement in the July 13 edition, made available Sunday."When we make mistakes, it's important to be open and honest about them, get all the facts out as quickly as possible and try to set the record straight. And to say we're sorry. We are."

The magazine concluded that allegations about the use of nerve gas and the killing of defectors were not supported by the evidence, Isaacson said. The results matched those of CNN's earlier reinvestigation of the story, he said.