Legal Action Against Mark Cuban and the Dallas Mavericks
Investors who took legal action against Mark Cuban and the Dallas Mavericks for their involvement with Voyager Digital are contesting a federal court’s recent ruling that dismissed the case. On Tuesday, a notice was filed with the U.S. Court of Appeals for the Eleventh Circuit appealing a December 2025 decision made by Judge Roy K. Altman of the U.S. District Court, who concluded that the plaintiffs lacked adequate connections to Florida to justify the court’s jurisdiction in the matter.
Details of the Appeal
The appeals document not only contests the dismissal of the lawsuit but also challenges a subsequent ruling from May 27 that rejected the plaintiffs’ attempts to reopen the case. Additionally, it seeks a review of previous interlocutory decisions that influenced the outcome.
Background of the Dispute
This legal dispute traces back to 2022 when investors in Voyager accused Cuban—a prominent investor and former majority owner of the Mavericks—of promoting Voyager’s services prior to the company’s collapse. The complaint alleged that Voyager was offering unregistered securities and that celebrity endorsements led investors to take part in their platform.
Judge Altman’s Ruling
Judge Altman’s ruling did not determine whether the marketing strategies used were misleading but highlighted the plaintiffs’ failure to prove that Cuban and the Mavericks had intentionally targeted Florida residents. The dismissal asserted that broad advertising efforts and online campaigns alone did not demonstrate a deliberate focus on Florida’s market. Notably, the case was dismissed without prejudice, allowing the investors to seek legal recourse in another jurisdiction.
Evidence and Defense
Investors pointed to Cuban’s statements at a Mavericks press event in October 2021, where he revealed his investment in Voyager, as evidence of involvement. They also cited a marketing initiative from the Mavericks that incentivized new customers with $100 in Bitcoin for engaging with the Voyager app.
On the other hand, Cuban’s defense argued that at no point did he or the Mavericks explicitly market their efforts to Florida investors, referencing Cuban’s public advisories urging caution in cryptocurrency investments.
Previous Settlements and Broader Context
Previously, several other defendants in the case, including former NFL star Rob Gronkowski, NBA player Victor Oladipo, and NASCAR racer Landon Cassill, reached a settlement of $2.4 million in 2024, leaving only Cuban and the Mavericks to face claims from the investors.
This legal turmoil is rooted in the broader context of Voyager’s Chapter 11 bankruptcy filing in July 2022, which emerged after a rapid withdrawal of funds and the failure of Three Arrows Capital to repay a substantial loan. Following the bankruptcy, multiple lawsuits were initiated against those connected to the beleaguered crypto lender as investors sought accountability for their financial losses.
