Mark Cuban, the boisterous owner of the Dallas Mavericks, was found not guilty of insider trading by a Texas jury on Wednesday. Cuban stood accused of illegally trading stock of the Internet search company Mamma.com in 2004. The S.E.C said that Cuban relied on non-public information when he sold 600,000 shares of the company’s stock, worth $7.9 million, avoiding a $750,000 loss.
The case, Forbes reports, came down to whether Cuban breached a confidentiality agreement when he sold his shares after receiving info from Mamma.com’s CEO that would dilute Cuban’s holdings. Here’s more from Forbes on the legal crux of the court case:
During the three-week trial, legal experts often differed on the burden the SEC needed to meet – a sign of just how much gray area exists in insider trading law. Some believe that any promise by Cuban to keep news of the placement confidential rendered trading in the stock illegal, that the two are effectively intertwined. Others interpret the law as one that separates confidentiality and trading – that a promise to keep information to yourself isn’t a promise not to trade.
Forbes magazine estimates Cuban to have a net worth of $2.5 billion.
TODAY IN SLATE
The Irritating Confidante
John Dickerson on Ben Bradlee’s fascinating relationship with John F. Kennedy.
My Father Invented Social Networking at a Girls’ Reform School in the 1930s
Renée Zellweger’s New Face Is Too Real
Sleater-Kinney Was Once America’s Best Rock Band
Can it be again?
The All The President’s Men Scene That Captured Ben Bradlee
Is It Better to Be a Hero Like Batman?
Or an altruist like Bruce Wayne?
Driving in Circles
The autonomous Google car may never actually happen.