September 2, 2009

Cuban files for legal fee redress

Billionaire Marc Cuban's lawyers have filed papers to force the U.S. Securities and Exchange Commission to pay his legal fees.

This summer, a federal judge tossed out an SEC case against Cuban that accused him of insider trading. The SEC said Cuban, owner of the Dallas Mavericks basketball team, dumped shares of Mamma.com with proprietary knowledge the company was about to unload some of its shares.

The judge said the case was too weak to go to trial, the Dallas Morning News reported Wednesday.

Cuban, 51, had also tried a counter-suit, claiming the SEC used Freedom of Information laws improperly when gathering evidence to use against him.

The SEC apparently gambled that Mr. Cuban would be pressured into an early settlement, Cuban's attorneys Dewey & LeBoeuf wrote in a court filing.