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Dismissed SEC Suit Against Cuban Tossed Tony Gutierrez / AP Photo

SEC Suit Against Cuban Tossed

Maybe the voluble Mark Cuban will take it easier on referees these days. On Friday, a federal referee of sorts, U.S. District Court Judge Sidney A. Fitzwater, dismissed a Securities and Exchange Commission insider-trading suit filed against Cuban. The government alleged that Cuban illegally offloaded shares of the search-engine company, Mamma.com Inc. in 2004. Cuban appears to have been let off on a technicality: The judge ruled that the SEC didn't accuse him of promising not to trade based on confidential information and therefore could not hold him responsible for insider trading. The commission has 30 days to file a new complaint against Cuban.

July 17, 2009 8:25 AM