SEC Appeals Dismissal Of Mark Cuban Securities Suit

Law360, New York (October 7, 2009, 6:14 PM EDT) -- The U.S. Securities and Exchange Commission will appeal a district court's dismissal of an insider trading suit against billionaire Dallas Mavericks owner Mark Cuban, the agency told a court Wednesday.

The SEC filed its notice of appeal in the U.S. District Court for the Northern District of Texas, less than three months after a district judge tossed the case on the basis that the SEC had not established liability under the misappropriation theory.

The commission, which alleged insider trading when Cuban sold his 600,000 shares of...
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