Corporate Governance

SEC v. Cuban: Cuban Offers to Fund the SEC FOIA Document Review

By Andrew Woods

Mark Cuban's ('Cuban') Freedom of Information Act ("FOIA") suit against the Securities and Exchange Commission ('SEC') took a strange turn when he offered to finance the agency's document review for records requested under FOIA and the Privacy Act. 

In a recent court hearing, the SEC claimed it could not begin document review until March 2011 and could not deliver requested records until 2012. The agency cited limited resources and a voluminous workload for the delay.   Cuban wanted to expedite the case and, as a solution to the SEC's lack of resources, offered to pay for the review. The SEC, however, rejected Cuban's offer because it did not want to send the message that wealthy litigants can 'go to the front of the line.' 

Full post as published by The Race to the Bottom on November 08, 2010 (boomark / email).