Judge Closes Securities Case Against Mark Cuban

     (CN) – The Securities and Exchange Commission said it would not file an amended complaint against Dallas Mavericks owner Mark Cuban, who was cleared of insider trading last month.

     The SEC asked U.S. District Judge Sidney Fitzwater in Dallas to close the case so that it could consider an appeal.
     Cuban was cleared of charges that he traded on inside information about the Internet company Momma.com. Cuban sold his shares in Momma.com right before the company’s stock value dropped considerably.
     In granting Cuban’s motion to dismiss, Fitzwater noted that Cuban had never agreed not to use insider information. However, the court gave the SEC 30 days to file an amended complaint.
     The SEC stated that it “does not intend to file an amended complaint and respectfully requests that the court enter the final judgment against it to initiate the time for consideration of an appeal.”
     The judge granted the SEC’s request and dismissed the case with prejudice.

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