A federal judge dismissed the U.S. Securities and Exchange Commission's civil insider trading charges against billionaire Mark Cuban today.
Chief Judge Sidney A Fitzwater of the U.S. District Court in Dallas wrote that the S.E.C. failed to plead that Cuban had "a duty to refrain from trading on information about the impending...offering" in search engine operator Mamma.com.
Since the securites law at issue did not impose a restriction upon Cuban prohibiting his "trad[ing] on or otherwise us[ing] the information for personal benefit" Judge Fitzwater concluded that Cuban "cannot be held liable under the misappropriation theory of insider trading liability."
You can read the court's 35-page opinion here: