Mark Cuban loses bid to dump insider trading case
Date posted: March 5, 2013
DALLAS (AP) — A federal judge has denied a request by Dallas Mavericks owner Mark Cuban to throw out a civil lawsuit accusing him of insider trading.
U.S. District Judge Sidney Fitzwater issued an order Tuesday rejecting Cuban’s request for summary judgment against the Securities and Exchange Commission.
The SEC accused Cuban in 2008 of selling shares in Internet search company Mamma.com after receiving confidential information about a private stock offering at a discounted rate.
The SEC’s lawsuit says Cuban avoided losses of more than $750,000 by selling when he did.
Cuban has fought the charges and says he never agreed to confidentiality when he received a call from the company CEO in 2004.
Fitzwater said the SEC has enough evidence for a jury to look at the case. Cuban declined to comment.