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Mark Cuban suffered a legal setback

July 19, 2011 11:34 am

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The billionaire owner of the Dallas Mavericks basketball team, Mark Cuban suffered a legal setback. He has been thrown out from the Dallas federal judge in a Securities and Exchange Commission insider-trading lawsuit.

The U.S. District Judge, Sidney Fitzwater noted that Mark Cuban has failed to allege facts that give the SEC fair notice that the misconduct on which he relies resulted in prejudice to his defense of the enforcement action that rises to a constitutional level. “This is fatal to his unclean hands defense,” said him.

A lawyer of Mark Cuban, Lyle Roberts told that they have a very long list of defenses, the key being that it didn’t happen. Cuban didn’t enter into any confidentiality agreement or violate any such agreement. In July, A federal district judge denied the SEC case. Mark Cuban didn’t qualify to be the insider.

On September last year, in New Orleans a federal appeals court reinstated the lawsuit and bring Mark Cuban faced the allegation of SEC includes witness intimidation and proceeding with a legal action prior.

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