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The deal involves the sale of a midstream asset joint venture, TGGT Holdings, Inc, which is based in Dallas.

The deal involves the sale of a midstream asset joint venture, TGGT Holdings, Inc, which is based in Dallas.

After nearly three and a half hours of deliberation, nine jurors found Dallas billionaire Mark Cuban innocent of insider trading Wednesday afternoon.

The verdict marks the end of the three-week trial, just days before the federal courts will run out of cash if the government shutdown continues. The six-year legal battle is likely the most expensive case the SEC has ever taken to trial.

The heart of the dispute dates back to 2004 when Cuban had an eight-minute phone conversation with Mamma.com CEO Guy Fauré. During the call, Fauré asked Cuban if he wanted to participate in a private placement investment the company was conducting to raise capital.

During a recorded video deposition, Fauré testified he began the conversation saying, “Mark, I’ve got confidential information,” to which Fauré said Cuban replied, “Uh-huh, okay, go ahead.”

Cuban testified he doesn’t recall anything from the conversation except that he was angry. Fauré said in his deposition that at the end of the call, Cuban said, “Well, now I’m screwed. I can’t sell.” The infamous statement was a key piece of the SEC’s argument that Cuban recognized that the information he received was confidential and that he could not trade on it until after it went public.

Throughout the trial, Cuban denied that the information he received was confidential, that he agreed to keep it confidential and that he agreed to restrict trading.

“People who wanted access to that information could get it,” the expert witness said.

The Texas Lawbook is in the courtroom for every minute of the SEC’s insider trading trial against Mark Cuban and we have full details.