On September 21, 2010, the SEC won a significant victory in the United States Court of Appeals for the Fifth Circuit.  The Circuit Court reversed the SEC’s loss in its insider trading civil action against entrepreneur and Dallas Mavericks owner Mark Cuban.  The real question, however, and one highlighted by the Circuit Court, remains whether the SEC has sufficient facts to survive summary judgment or win at trial.  We summarize the background of the action, the Court’s legal analysis and Cuban’s related Freedom of Information Act request.