Voyager Digital investors appealed on June 23 the dismissal of a class-action lawsuit against billionaire entrepreneur Mark Cuban and the Dallas Mavericks. The appeal challenges Judge Roy Altman's December 2025 ruling, which dismissed the complaint on the grounds that plaintiffs failed to establish sufficient ties between the defendants and Florida. The lawsuit, filed in August 2022, alleged that Cuban and his NBA team engaged in false representations tied to a 2021 marketing deal with Voyager Digital, a cryptocurrency brokerage firm that filed for bankruptcy in July 2022 after suffering heavy losses from lending hundreds of millions of dollars to crypto hedge fund Three Arrows Capital, which collapsed.
Voyager Digital Collapsed After Three Arrows Capital Lending Losses
Founded in 2021, Voyager Digital was a cryptocurrency brokerage firm. In 2022, it suffered heavy losses after lending hundreds of millions of dollars to crypto hedge fund Three Arrows Capital, which collapsed. Voyager itself filed for bankruptcy in July 2022.
In August 2022, Voyager Digital investors filed a class-action lawsuit against Cuban and his NBA team for allegedly engaging in "false representations and other deceptive conduct" tied to a 2021 marketing deal with the crypto firm. The five-year partnership aimed to promote the firm through the NBA team's fan base, which plaintiffs claimed misled investors about the risks of crypto products. Voyager offered unregistered securities, and celebrity endorsements encouraged investors to participate, the lawsuit alleged.
In the original lawsuit, the investors highlighted that Cuban had admitted to being a Voyager customer, and a Mavericks promotion offered $100 in Bitcoin to customers who downloaded the Voyager app, opened an account, deposited $100, and completed a trade.
Judge Altman Dismissed Case in December 2025
Judge Roy Altman at the U.S. District Court for the Southern District of Florida granted a motion to dismiss the complaint in December 2025, saying the plaintiffs had failed to establish sufficient ties between the defendants and Florida. The defence team argued that neither Cuban nor Mavericks specifically targeted Florida investors in their campaigns, and the billionaire investor had urged caution to crypto investors.
The court order in December last year ruled that the plaintiffs failed to establish that the defendants purposefully targeted Florida residents. Last month, Judge Altman also denied requests to reopen the case and reconsider the dismissal.
Investors Filed Appeal on June 23
On June 23, Voyager investors appealed the ruling dismissing the lawsuit, challenged last month's order, and sought review of earlier interlocutory rulings.
Other defendants originally mentioned in the class-action lawsuit, such as retired NFL player Rob Gronkowski, NBA player Victor Oladipo, and NASCAR driver Landon Cassill, agreed to settle the case for $2.4 million in 2024. Cuban and the Mavericks are the only remaining defendants in the suit.
FAQ
What did Voyager Digital investors do on June 23?
Voyager Digital investors appealed on June 23 the dismissal of a class-action lawsuit against Mark Cuban and the Dallas Mavericks, challenging Judge Roy Altman's December 2025 ruling.
Why did Judge Altman dismiss the lawsuit in December 2025?
Judge Roy Altman dismissed the complaint in December 2025 on the grounds that plaintiffs failed to establish sufficient ties between the defendants and Florida.
