Saturday, July 18, 2009

Mark Cuban's Slam Dunk Facial Against the SEC

Mark Cuban didn't buckle to SEC charges and it is paying off. I reported on the absurd SEC charges against Dallas Mavericks owner here. A federal judge has ruled in his favor.

U.S. District Judge Sidney Fitzwater in Dallas found that while the SEC showed that Cuban agreed to keep information confidential, the agency failed to show that Cuban promised not to trade on the information or use it for his own gain.

Fitzwater gave the agency 30 days to file an amended complaint, if it could show that Cuban agreed "expressly or implicitly, not to trade on or otherwise use material, nonpublic information."

It's unlikely the SEC has held back any facts that they can put into an amended complaint, so this should be the end of the case, but this is the SEC, so who knows?

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