A day after an appeals court revived the Securities and Exchange Commission’s insider trading suit against Dallas Mavericks owner Mark Cuban, a federal judge in Washington on Wednesday sharply criticized the agency over its handling of a public records request related to the investigation.
Judge Reggie Walton of the U.S. District Court for the District of Columbia called some of the SEC’s responses to Cuban’s documents request “inadequate.” Walton rejected the SEC’s request for a three-year stay of the litigation. He set a hearing for Oct. 22 to determine how much additional time, if any, he will give the SEC to respond to Cuban’s records request, which involves the review of 107 boxes of documents.
