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...
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.