Mark Cuban faces different shark tank—federal court

Kent Bernhard Jr

Upstart Business Journal Money & Finance Editor

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Looks like Dallas Mavericks owner and Shark Tank regular Mark Cuban has a date with a different kind of referee than he's used to—a judge.

A federal district judge in Dallas has denied the Internet entrepreneur and investor's motion to dismiss a civil lawsuit filed by the Securities and Exchange Commission accusing Cuban of insider trading. Cuban, never one to quietly roll over, has been fighting the suit for nearly five years.

Peter Lattman of the New York Times Dealbook writes:

Mr. Cuban also accused the SEC of acting with bias in bringing the case against him. But last year, the SEC inspector general—an internal watchdog for the agency—cleared the agency of any misconduct.

At the heart of the lawsuit filed in 2008 is an allegation that Cuban used insider knowledge to dump shares in a small Internet search company, Mama.com, avoiding a loss.

Cuban's lawyers have argued that selling the stock was not prohibited.

Now Cuban's heading to a different kind of shark tank, in federal court.

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