On December 30, a U.S. federal court dismissed a class action lawsuit filed against **Mark Cuban** and **Dallas Mavericks** for allegedly defrauding investors by promoting now-bankrupt cryptocurrency lender Voyager Digital.
Judge Roy K. Altman of the Southern District of Florida ruled that the court did not have personal jurisdiction over the defendants. ruled ruled.
This case was dismissed (dismissed without prejudice) after three years of litigation and several revisions to the complaint.
Former Voyager customers filed suit, alleging Cuban and Mavericks violated state securities and consumer fraud laws.
what happened
The plaintiffs say Cuban misrepresented Voyager by mentioning at a press conference in October 2021 that he had invested directly in the company. claimed claimed to have explained it.
Mavericks then posted a promotional tweet offering $100 worth of Bitcoin to new users who met certain transaction requirements.
Judge Altman ruled that the defendants’ national advertising and sponsorship activities alone were insufficient to grant jurisdiction under Florida’s long-arm statute.
Former NFL player Rob Gronkowski, former NBA player Victor Oladipo and NASCAR driver Landon Cassill previously reached settlements totaling $2.4 million over similar claims.
Voyager filed for Chapter 11 bankruptcy in July 2022, and at the time had about $1.3 billion worth of cryptocurrency assets on its platform.
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Why it’s important
The dismissal decision is seen as an important legal victory for prominent cryptocurrency promoters who have faced investor lawsuits since the platform collapsed.
The Voyager collapse occurred amid widespread market turmoil in 2022 triggered by the collapse of the Terra blockchain.
Terraform Labs founder Dohyung Kwon was sentenced to 15 years in prison on December 11 for fraud related to Terra’s $40 billion collapse. received Sentenced.
The case is being addressed along with other celebrity endorsement lawsuits filed against promoters of bankruptcy platforms, including FTX.
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