Judge tosses Cuban insider trading suit

Updated: July 18, 2009, 4:48 PM ET
ESPN.com news services

DALLAS -- A federal judge dismissed a civil insider-trading lawsuit against Dallas Mavericks owner Mark Cuban on Friday, dealing the Securities and Exchange Commission a rare high-profile setback.

U.S. District Judge Sidney A. Fitzwater ruled that the SEC could not hold Cuban liable for insider trading because the agency didn't allege the billionaire NBA team owner had agreed not to trade based on confidential information he received about an Internet search engine company, Mamma.com Inc.

The ...

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