" Are You an Indigo? Discovering Your Authentic Self " The Book by D Michael Waller

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Wednesday, December 9, 2009

Dallas Mavericks owner Mark Cuban gets chance to make his case against SEC

By ERIC TORBENSON / The Dallas Morning Newsetorbenson@dallasnews.com
Mark Cuban's claim that the Securities and Exchange Commission filed suit against him for personal reasons will get another day in court.
U.S. District Judge Sidney Fitzwater last week granted Cuban's attorney's request for discovery in the aftermath of the insider trading case filed by the SEC.
Cuban wants to prove the SEC maliciously filed the case against him. That would enable him to recover his legal costs.
The SEC said in court filings that it filed its case on sound law after investigating Cuban's actions related to Mamma.com.
Cuban sold his stake in the search engine after learning of a new stock offering that would have diluted his holdings.
Fitzwater threw out the case because the SEC failed to prove Cuban had entered into a binding contract not to trade his shares despite learning insider information about Mamma.com's plans. Cuban contends the SEC knew its case was flawed but filed it because of a grudge against him.
The SEC has declined to re-file against Cuban, though it still may appeal the ruling.
Cuban's attorneys will get limited right to discovery, as will the SEC. Cuban will have until Feb. 1 to make his case.
Cuban had previously said that e-mails from Jeffrey Norris of the SEC questioning Cuban's patriotism were behind the civil suit's filing, a claim the SEC has denied.

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