Dallas - A federal judge on Friday dismissed an insider trading lawsuit filed by the Securities and Exchange Commission (SEC) against billionaire Mark Cuban, an Internet entrepreneur and owner of the Dallas Mavericks NBA team, the Associated Press reported. The SEC had alleged that Cuban benefitted from inside information before selling shares in Internet search engine Mamma.com back in 2004.

U.S. District Judge Sidney A. Fitzwater found that Cuban had made no agreement not to sell his shares in the company during a call with its chief executive.

The SEC has not indicated whether or not it intends to file an amended complaint, due within the next 30 days, although The New York Times cited two sources who said it was "far-fetched" to think the SEC would not continue to pursue its case.

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(AP)

http://www.nytimes.com/2009/07/18/business/18Insider.html

http://snipurl.com/nfrpz (DMW previous coverage)