Publisher: Reuters Author: Sarah Lynch A federal judge has ordered the U.S. Securities and Exchange…
Mark Cuban argues that U.S. SEC in-house trials hurt defendants’ rights
Author: Sarah Lynch
Dallas Mavericks owner Mark Cuban took a swipe at the U.S. Securities and Exchange Commission on Tuesday after he filed a court brief which criticizes the agency’s in-house trials as being unconstitutional.
The amicus brief, filed in U.S. Court of Appeals for the Eleventh Circuit, backs the legal arguments of Charles Hill, a real estate developer who was accused by the SEC of insider-trading and is fighting to have his case moved from the agency’s in-house court to a federal court.
Cuban has been a vocal critic of the SEC, after a federal jury cleared him of insider-trading charges in 2013 following a years-long battle.
The flamboyant billionaire has become one of the most high-profile voices to wade into a brewing legal debate over the fundamental fairness of the SEC’s in-house trials – a venue that many say wrongfully deprives defendants’ rights to protections they would get in a federal court.
“As a businessman who has faced down a misguided SEC enforcement litigation, Mr. Cuban offers a front-row perspective on the practical importance of the legal and constitutional issues at stake in this litigation,” says the brief, which was written by Cuban’s attorneys at Brown Rudnick LLP.
Many defendants over the past year have tried and failed to convince federal judges to move their trials to courts.
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