A federal petitions court on Tuesday invigorated the U.S. Securities and Exchange Commission's insider trade lawsuit next to Mark Cuban, the billionaire and owner of the Dallas Mavericks basketball team.
The U.S. Fifth Circuit Court of petitions said a lower court erred in send away the case, in which the SEC accused Cuban of acting on nonpublic in order when he sold his stake in Mamma.com, a Canadian Internet hunt engine company, to keep away from more than $750,000 of losses.
The petitions court sent the case back to the lower court for further events, which could lead to a trial. Cuban is worth $2.4 billion, Forbes magazine said in March.
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