Investors who sued Mark Cuban and the Dallas Mavericks over their promotion of Voyager Digital have appealed a federal court determination that dismissed the case on jurisdictional grounds.
Abstract
- Voyager investors have appealed a federal court ruling that dismissed their lawsuit against Mark Cuban and the Dallas Mavericks.
- The attraction challenges each the December 2025 dismissal and a later order that denied efforts to reopen the case.
- Cuban and the Mavericks stay the one defendants after different celeb promoters reached a $2.4 million settlement with investors in 2024.
A notice filed Tuesday with the U.S. Court of Appeals for the Eleventh Circuit seeks assessment of a December 2025 ruling by U.S. District Decide Roy Okay. Altman, who dismissed the lawsuit after figuring out that the plaintiffs had not established adequate ties between the defendants and Florida.
Court data present the attraction additionally challenges Decide Altman’s Could 27 order that denied requests to reopen the case and rethink the dismissal. The submitting additional seeks assessment of earlier interlocutory rulings that turned a part of these selections.
The lawsuit dates back to 2022, when Voyager investors accused Cuban, the previous majority proprietor of the Dallas Mavericks and investor recognized for his position on Shark Tank, of serving to promote Voyager’s merchandise earlier than the crypto agency’s collapse.Â
Plaintiffs alleged that Voyager supplied unregistered securities by means of its platform and that celeb endorsements inspired investors to take part.
Attraction targets jurisdiction ruling
Decide Altman’s December decision didn’t deal with whether or not the promotional actions have been deceptive. As an alternative, the court discovered that the plaintiffs had failed to set up private jurisdiction over Cuban and the Mavericks in Florida.
The dismissal order acknowledged that nationwide promoting campaigns and on-line promotions didn’t, by themselves, set up that the defendants purposefully focused Florida residents. Court data present the case was dismissed with out prejudice, leaving investors free to pursue their claims in one other jurisdiction.
Plaintiffs had cited remarks Cuban made throughout an October 2021 Mavericks information convention, the place he disclosed that he had invested in Voyager. The grievance additionally referenced a Mavericks promotion that supplied $100 in Bitcoin to prospects who downloaded the Voyager app, opened an account, deposited $100, and accomplished a commerce.
Cuban’s authorized workforce argued throughout the proceedings that neither he nor the Mavericks particularly directed their promotional efforts towards Florida investors. Protection attorneys additionally cited Cuban’s public feedback urging people to train warning when making cryptocurrency investments.
Different defendants settled earlier than attraction
A number of defendants initially named within the litigation have already resolved claims with the investors. Retired NFL participant Rob Gronkowski, NBA participant Victor Oladipo, and NASCAR driver Landon Cassill agreed to a $2.4 million settlement in 2024, leaving Cuban and the Mavericks because the remaining defendants within the case.
Voyager filed for Chapter 11 chapter safety in July 2022 after what the corporate described as a short-term run on the financial institution and the default of crypto hedge fund Three Arrows Capital on a $650 million mortgage.
The chapter triggered a number of lawsuits against executives, enterprise companions, and promoters tied to the crypto lender as investors sought compensation for losses linked to the corporate’s collapse.
