Perhaps it is not the most important insider-trading trial of all time. But today’s jury selection in SEC v. Mark Cuban might mark the end of the beginning of what seems like the longest insider-trading case of all time. And, in spite of the reputation of the chief protagonist (or antagonist, depending on your point of view and whether or not you are a fan of Dallas-based sports teams), it’s not likely to be a particularly entertaining insider-trading trial.
Mark Cuban, billionaire owner of the Dallas Mavericks basketball team, goes to trial over regulators’ claims he engaged in insider trading when he sold his stake in a Canadian Internet search company nine years ago….
Jury selection started today with a pool of 64 prospective jurors. The trial will probably last eight to 10 days, the parties have told the judge.
Cuban, 55, maintains he did nothing wrong.
“I am excited about this, to finally come to court,” Cuban said today before entering the courthouse. “I won’t be bullied. That’s the key element.”
And if you’re rooting for something to intervene to extend the dispute, call your Congressman and tell him or her to continue to send the same bill to the other side of Capitol Hill.
Fitzwater said today he intended the jury to start deliberating by Oct. 17. That schedule may be affected by a federal government shutdown due to the congressional spending bill impasse between Republicans and Democrats, the judge said….
“The government shutdown will not affect the trial of this case for at least two weeks,” said Fitzwater, who has allotted four days for it this week and three next week. The judge said he will revisit the issue later in the proceedings.
Billionaire Cuban Goes to Trial in SEC Insider Lawsuit [Bloomberg]