Cuban Can't Use 'Unclean Hands' Against SEC: Judge

Law360, New York (July 18, 2011, 8:14 PM EDT) -- A Texas federal judge on Monday said billionaire Mark Cuban couldn't use the so-called "unclean hands" defense to counter the U.S. Securities and Exchange Commission's insider trading allegations because it was only available in "strictly limited circumstances" that didn't apply.

Cuban allegedly avoided a $750,000 loss by selling off 600,000 shares in Mamma.com based on nonpublic information he learned from the company's then-CEO about an impending private investment in public equity offering, according to the SEC.

According to Cuban, the SEC acted with "unclean hands" through...
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