Tuesday, September 1, 2009

Mark Cuban Going for a Slam Dunk Against the SEC

Earlier this month Dallas Mavericks owner Mark Cuban was the beneficiary of a judge dismissing an insider trading case against him. Now it's slam dunk time. His lawyers at Dewey & LeBoeuf have filed a motion asking the judge to order the SEC to pay their attorneys' fees and costs.

Andrew Lonstreth at Law.com reports:

In their motion for fees, the Dewey team-- Ralph Ferrara, Stephen Best, Lyle Roberts, Henry Asbill, and Christopher Clark--write that they're not seeking the money simply because Judge Fitzwater dismissed the suit. Instead, they write: "Mr. Cuban and the court never should have been forced to address this suit. The SEC's insider trading claim against Mr. Cuban is wholly unsupported by the facts."
Cuban’s lawyers argue that the SEC improperly pressured witnesses. The entire case, they say, was built on the hope that Cuban himself could be pressured into settling. "The SEC apparently gambled that Mr. Cuban would be pressured into an early settlement," the Dewey team writes.

What America needs is more people like Cuban who aren't afraid to go toe to toe with the government. Cuban's lawyers aren't wimp/plea bargain types either, which I learned when I interviewed Stephen Best.


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