DALLAS (AP) — Attorneys are scheduled to deliver their opening statements in the federal government’s insider-trading lawsuit against Mark Cuban.
The statements are due in federal court in Dallas on Tuesday before a jury of seven women and three men. Jurors were chosen Monday to hear the case against the billionaire owner of the Dallas Mavericks.
The Securities and Exchange Commission lawsuit accuses Cuban of violating insider-trading rules in 2004. It says Cuban sold shares in a Canadian Internet company after learning confidentially of news that would send the shares down. The government said that he avoided $750,000 in losses by dumping his stock. Cuban’s lawyers dispute the SEC’s version and say he did nothing wrong.