Mark Cuban Insider Trading Ruling Could Blemish SEC

Law360, New York (August 3, 2010, 3:57 PM EDT) -- A federal appeals court could deliver a blow to the U.S Securities and Exchange Commission if it rules against the regulator in the high-profile insider trading case against Mark Cuban, self-made billionaire and owner of the Dallas Mavericks, lawyers said.

A three-judge panel of the U.S. Court of Appeals for the Fifth Circuit heard arguments Monday in the case, which centers on whether it was fraudulent for Cuban to trade on information that he — as a shareholder — orally agreed to keep confidential.

Cuban is...
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