SEC may pursue Mark Cuban insider trading case -judge

Tue Mar 5, 2013 10:36am EST
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March 5 (Reuters) - Mark Cuban, the billionaire and professional basketball team owner, on Tuesday lost his bid to throw out a U.S. regulator's civil fraud lawsuit accusing him of insider trading.

U.S. District Judge Sidney Fitzwater in Dallas said the U.S. Securities and Exchange Commission may continue to press its more than four-year-old case against Cuban, the owner of the National Basketball Association's Dallas Mavericks.

In its November 2008 lawsuit, the SEC accused Cuban of selling his 6.3 percent stake in Inc for about $8 million in June 2004 after learning that the Montreal-based search engine company had been planning a stock offering.

The regulator said this enabled Cuban to avoid more than $750,000 of losses on his sale of 600,000 shares.