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Dallas Mavericks owner accused of insider dealing
A federal appeals court yesterday revived the US Securities and Exchange Commission’s insider trading lawsuit against Mark Cuban, the billionaire and owner of the Dallas Mavericks basketball team.
The US Fifth Circuit Court of Appeals said a lower court erred in dismissing the case, in which the SEC accused Cuban of acting on non-public information when he sold his stake in Mamma.com, a Canadian internet search engine company, to avoid more than $750,000 (£482,000) of losses.
The appeals court sent the case back to the lower court for further proceedings, which could lead to a trial. Cuban is worth $2.4bn, Forbes magazine said in March.