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SEC vs. Cuban, Round 2

1 min read

SEC vs. Cuban, Round 2

“Like the adage, ‘beware of Greeks bearing gifts,’ perhaps the [SEC] should consider whether to beware of litigating against billionaires. Its insider-trading suit against Mark Cuban, the billionaire owner of the Dallas Mavericks basketball team, has turned into a pitched battle that is being fouight in two federal district courts and one federal appeals court. … Having won an order dismssing the SEC case against him in 2009, he did not simply take his ball and go home–especially after the commission appealed. Instead, Mr. Cuban went on the offensive. … The legal fees in the various cases have undoubtedly exceeded the amount at issue [$750,000] in the insider-trading case. but this seems to more of a grudge match in which money is no object. … Judge Sidney A. Fitzwater of Federal district Court in Dallas found that the SEC did not have the authority to…

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