[java] Eclipse - Failed to load class "org.slf4j.impl.StaticLoggerBinder"

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SLF4J: Failed to load class org.slf4j.impl.StaticLoggerBinder error

I am using eclipse juno to run someone's else Java code using maven(m2eclipse plugin). But I am getting following message:

SLF4J: Failed to load class "org.slf4j.impl.StaticLoggerBinder".
SLF4J: Defaulting to no-operation (NOP) logger implementation
SLF4J: See http://www.slf4j.org/codes.html#StaticLoggerBinder for further details.

On the official website, I found the following fix for this problem:

This error is reported when the org.slf4j.impl.StaticLoggerBinder class could not be loaded into memory. 
This happens when no appropriate SLF4J binding could be found on the class path. 
Placing one (and only one) of slf4j-nop.jar, slf4j-simple.jar, slf4j-log4j12.jar, slf4j-jdk14.jar or logback-classic.jar on the class path should solve the problem.

So I copied slf4j-simple.jar in "C:\Program Files\Java\jdk1.7.0_07\lib". But I am still getting error.

Please guide me what is correct solution. I am a Java newbie.

Also can someone please mention what exactly should be the value for JAVA_HOME, CLASSPATH and CLASS variables. I am confused whether it should be path of jre or jdk or any?

UPDATE:

Following dependency for slf4j are there in project pom.xml.

<dependency>
           <groupId>org.slf4j</groupId>
           <artifactId>slf4j-api</artifactId>
           <version>1.5.6</version>
           <type>jar</type>
</dependency>
<dependency>
           <groupId>org.slf4j</groupId>
           <artifactId>slf4j-simple</artifactId>
           <version>1.5.6</version>
</dependency>

I have updated my project. Also the slf4j-api-1.5.6.jar and slf4j-simple-1.5.6.jar are showing up in "Maven dependencies" in my project. And org.slf4j.impl.StaticLoggerBinder.class is also present in slf4j-simple-1.5.6.jar

Did you update the project (right-click on the project, "Maven" > "Update project...")? Otherwise, you need to check if pom.xml contains the necessary slf4j dependencies, e.g.:

    <dependency>
        <groupId>org.slf4j</groupId>
        <artifactId>jcl-over-slf4j</artifactId>
        <version>1.7.0</version>
        <scope>runtime</scope>
    </dependency>
    <dependency>
        <groupId>org.slf4j</groupId>
        <artifactId>slf4j-api</artifactId>
        <version>1.7.0</version>
        <scope>runtime</scope>
    </dependency>
    <dependency>
        <groupId>org.slf4j</groupId>
        <artifactId>slf4j-log4j12</artifactId>
        <version>1.7.0</version>
        <scope>runtime</scope>
    </dependency>
    <dependency>
        <groupId>log4j</groupId>
        <artifactId>log4j</artifactId>
        <version>1.2.14</version>
    </dependency>

After placing the jar file in desired location, you need to add the jar file by right click on

Project --> properties --> Java Build Path --> Libraries --> Add Jar.