CNBC is reporting that insider trading charges filed last year against Dallas Maverick’s owner Mark Cuban have been tossed out by U.S. District Judge Sidney A. Fitzwater.
The charges stemmed from Cuban’s sale of stock he owned in Mamma.com after having a conversation with the president of the company, who was requesting an additional investment.
Cuban’s attorneys successfully argued yesterday that an “insider” is someone with a pre-existing fiduciary responsiblity or existing relationship with the company, not just an investor.
