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Mark Cuban Cleared in Insider-Trading Case

Published on October 16, 2013
by John Carreyrou

A federal jury cleared Mark Cuban of insider trading Wednesday after three and a half hours of deliberations, handing the billionaire a resounding victory five years after the government brought its charges.

The Securities and Exchange Commission had sued Mr. Cuban in civil court, alleging that he traded on material, nonpublic information when he sold his investment in Canadian Internet search company Mamma.com in June 2004 before it announced a private offering of shares that caused its stock to drop. Mr. Cuban denied the allegations and said after the verdict that he spent more on his defense than it would have cost to settle the case.

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