A US federal choose threw out a crypto investor lawsuit towards Mark Cuban and the Dallas Mavericks, ending a case that attempted to pin Voyager Digital’s collapse on celebrity-style promotion and staff advertising.
Choose Roy Okay. Altman of the US District Court docket for the Southern District of Florida mentioned in an order dated Friday that the plaintiffs failed to determine private jurisdiction over Cuban and the staff, and the courtroom lacked a ample connection between Florida and the alleged promotion.
Cuban’s Private Funding Remarks Drew Authorized Scrutiny
The swimsuit, filed in 2022, argued that Cuban pushed followers towards Voyager’s interest-bearing accounts after he mentioned at an Oct. 2021 Mavericks information convention that he had personally invested within the firm.
It additionally pointed to a Mavericks publish that provided $100 in Bitcoin to clients who downloaded Voyager’s app, opened an account, deposited $100, and made one commerce.
Cuban’s legal professionals argued the Florida courtroom had no jurisdiction over Cuban or the staff, and mentioned he warned folks to watch out with their cash.
Voyager As soon as Held Billions Earlier than 2022 Chapter
Brown Rudnick, which represented Cuban and the Mavericks, mentioned Choose Altman dismissed the case with out prejudice after years of litigation and jurisdictional discovery, including that nationwide promotions didn’t quantity to purposeful focusing on of Florida residents below the state’s lengthy arm statute and due course of limits.
“We couldn’t be extra happy with absolutely the proper outcome,” Steve Finest, lead counsel for Cuban and the Mavericks, reportedly advised ESPN.
“I think that the plaintiffs will take into account submitting in one other jurisdiction. … I stay up for defending Mark and the Mavericks in any jurisdiction on this nation. “Mark doesn’t settle when he believes he’s on the suitable aspect of the regulation.”
The case sits inside a broader wave of lawsuits aimed toward athletes and celebrities who promoted crypto platforms that later failed, together with Voyager, which filed for chapter in July 2022.
Voyager reportedly held greater than $5B in property in 2021 and counted almost 3.5M buyers earlier than its collapse.
Cuban has since bought his majority stake within the Mavericks to on line casino magnate Miriam Adelson.
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