SEC files notice of appeal, seeks to reverse dismissal of insider-trading case against Cuban

SEC files notice of appeal in Cuban trading case

DALLAS — The Securities and Exchange Commission says it plans to appeal a federal judge’s dismissal of the agency’s insider-trading lawsuit against Mark Cuban.

The SEC filed a notice Wednesday that it plans to take its case to the 5th U.S. Circuit Court of Appeals in New Orleans.

The outspoken billionaire owner of the NBA’s Dallas Mavericks was accused in a civil lawsuit of selling his shares and avoiding a $750,000 loss after receiving confidential information about the Internet search engine company Mamma.com in 2004.

U.S. District Judge Sidney A. Fitzwater dismissed the case in August. He said the agency didn’t allege that Cuban had agreed not to trade on confidential information.