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Cuban Case and Confidentiality

By Mark H. Astarita, Esq.

There is another interesting aspect to the Cuban insider trading case that I didn't address in detail in my earlier post on the Mark Cuban insider trading case. I discussed materiality, touched on "non-public" and damages. The last problem for the SEC is whether Cuban had any duty not to trade. Not everyone who has inside information is prohibited from trading. In order for someone to be liable for insider trading, they must have obtained the information in some fraudulent way, or in the breach of a fiduciary duty. Either they have the information because they were an "insider" or because they obtained it illicity from someone else.I won't go into the details, and as always, Profession Bainbridge from the UCLA School of Law does a great job explaining the legal concepts in his post post, "Insider Trading Charges Against Mark Cuban"...continue to full post

Full post as published by SECLaw.com on November 18, 2008 (boomark / email).