Judge Dismisses Lawsuit Against Mark Cuban over Voyager Digital

Judge Dismisses Lawsuit Filed by Former Investors of Voyager Digital Against Billionaire Mark Cuban

A federal judge has dismissed a lawsuit filed by former investors of Voyager Digital against billionaire entrepreneur Mark Cuban, related to the partnership between the Dallas Mavericks basketball team and the now-bankrupt cryptocurrency exchange platform. In a decision issued on Tuesday in the U.S. District Court for the Southern District of Florida, Judge Roy Altman granted a motion to dismiss the case, stating that the investors "failed to establish personal jurisdiction," among other reasons.

The class action lawsuit, filed in August 2022, shortly after the crypto exchange platform filed for bankruptcy, accused the company of "false representations and other deceptive conduct." The complaints particularly targeted the 2021 agreement with the Mavericks, which was intended to last five years. The plaintiffs accused Cuban, the Mavericks, and others of "false representations and omissions" regarding Voyager, which minimized the risks associated with cryptocurrency investments.

In approving the motion to dismiss, Altman noted that the plaintiffs did not demonstrate that Cuban and the Mavericks "conducted business or a commercial venture in Florida," despite information about the billionaire's travels to the state or his properties in Miami Beach. The judge also stated that the lawsuit did not provide evidence that Florida residents were specifically targeted with claims about Voyager by the defendants. "Invoking jurisdiction through conspiracy here would make more sense if this lawsuit had been directed against Voyager," said Altman. "But that is not the case. Cuban and the Mavericks are our only accused parties. And the plaintiffs do not assert that Voyager is the relevant co-conspirator in this case."