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Mark Cuban insider trading case thrown out (Reuters)

This is a discussion on Mark Cuban insider trading case thrown out (Reuters) within the Crimes and Trials News forum, part of the Law News category; Reuters - A U.S. court judge threw out an insider trading case against Dallas Mavericks basketball team owner Mark Cuban ...

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Old Jul 17th, 2009, 01:40 PM   #1
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Default Mark Cuban insider trading case thrown out (Reuters)
Reuters - A U.S. court judge threw out an insider trading case against Dallas Mavericks basketball team owner Mark Cuban on Friday, but gave the U.S. Securities and Exchange Commission a month to file an amended lawsuit.

Cuban, one of the 400 richest Americans, faced civil charges that he acted on nonpublic information when he sold his stake in Internet search engine company Mamma.com to avoid more than $750,000 in losses.

The SEC failed to allege that Cuban undertook a duty to refrain from trading information on a public stock offering that Mamma.com had planned, U.S. District Judge Sidney Fitzwater wrote in his ruling.

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