Insider Trading Suit V. Billionaire Mark Cuban Booted

Law360, New York (July 17, 2009, 4:52 PM EDT) -- A federal judge has dismissed the U.S. Securities and Exchange Commission's insider trading suit against Mark Cuban, self-made billionaire and owner of the Dallas Mavericks, finding that the regulator has not been able to establish liability under the misappropriation theory.

Judge Sidney A. Fitzwater of the U.S. District Court for the Northern District of Texas dismissed the case Friday, but gave the commission 30 days to file an amended complaint.

A lawyer for Cuban said the judge looked very hard at what Congress intended and issued...
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