Mark Cuban Cleared As Court Dismisses Voyager Digital Investor Lawsuit
A US federal choose has tossed a class-action lawsuit introduced by former Voyager Digital prospects in opposition to billionaire Mark Cuban and the Dallas Mavericks, ruling the court docket didn’t have the facility to listen to the case.
The order, entered on the finish of December, dismissed the go well with in its entirety after discovering the plaintiffs failed to indicate the defendants have been topic to non-public jurisdiction in Florida.
Mark Cuban Vs. Voyager: Judge Cites Lack Of Personal Jurisdiction
According to the court docket submitting, Judge Roy Ok. Altman concluded that Mark Cuban and the Mavericks didn’t “keep on a enterprise or enterprise enterprise in Florida” in a means that may let the Miami-area court docket preside over the matter.
The decision follows in depth jurisdictional discovery and a number of amended complaints that, the choose mentioned, nonetheless fell in need of establishing the mandatory authorized ties to Florida. The protection workforce hailed the ruling as an entire win for his or her shoppers.
The suit traces again to 2022, when Voyager Digital filed for Chapter 11 safety after a pointy market downturn and mortgage defaults. Voyager’s chapter and the fallout led to a wave of litigation by customers who mentioned they misplaced entry to funds and have been misled by the corporate’s statements. Reports have famous the agency had roughly $1.3 billion in buyer crypto property implicated throughout restructuring talks.
Promotion And The $100 Fan Offer
Based on reviews from earlier protection, the dispute centered on a 2021 promotion wherein Cuban and the Mavericks partnered with Voyager and provided followers incentives tied to deposits and buying and selling.
Plaintiffs argued the partnership and public backing helped persuade prospects to make use of the platform. Other defendants in associated Voyager litigation have settled; Cuban and the Mavericks maintained they’d combat the claims.
Legal consultants say the end result highlights the boundaries of suing public figures in boards removed from the place these figures are primarily based. Courts more and more demand concrete proof {that a} defendant focused a state earlier than permitting native lawsuits to proceed. This dismissal doesn’t determine whether or not the promotional statements have been true or false; it addresses solely the place the case might be heard.
Plaintiffs’ Options And Wider Litigation
Reports haven’t proven an instantaneous refiling in one other court docket by the named plaintiffs. Because the choose dismissed the grievance for lack of jurisdiction, the plaintiffs have been denied the possibility to proceed in that Florida court docket however could pursue claims elsewhere in the event that they select.
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