Voyager investors ask appeals court to revive suit against Mark Cuban
Investors who sued Mark Cuban and the Dallas Mavericks over their promotion of Voyager Digital have asked the U.S. Court of Appeals for the Eleventh Circuit to revive the case after a federal judge dismissed it on jurisdictional grounds.
What the appeal challenges
- The notice, filed Tuesday, seeks review of U.S. District Judge Roy K. Altman’s December 2025 order dismissing the lawsuit for lack of personal jurisdiction in Florida.
- It also targets a May 27 order denying requests to reopen the case and reconsider that dismissal, along with several earlier interlocutory rulings that fed into those decisions.
Background of the lawsuit
The suit dates to 2022, when Voyager investors accused Cuban — the billionaire TV personality and former Mavericks majority owner — and the team of promoting Voyager’s products before the crypto lender’s collapse. Plaintiffs alleged Voyager’s platform offered unregistered securities and that celebrity endorsements, including Cuban’s, helped drive investor participation.
Key facts cited by plaintiffs
- Cuban’s comments at an October 2021 Mavericks news conference, where he disclosed he had invested in Voyager.
- A Mavericks-branded promotion that rewarded customers with $100 in Bitcoin if they downloaded the Voyager app, opened an account, deposited $100 and completed a trade.
Why the case was dismissed
Judge Altman did not rule on whether the promotional activity was misleading. Instead, he concluded the plaintiffs had not established sufficient ties between Cuban/the Mavericks and Florida to support personal jurisdiction. The court held that nationwide advertising and online promotions alone did not show the defendants purposefully targeted Florida residents. The dismissal was entered without prejudice, meaning investors may pursue the claims in a different jurisdiction.
Defense arguments
Cuban’s legal team argued neither he nor the Mavericks specifically directed promotions at Florida residents and pointed to Cuban’s public comments advising caution in crypto investing.
Settlement of other defendants
Several other celebrities originally named in the litigation have already settled claims: retired NFL star Rob Gronkowski, NBA player Victor Oladipo and NASCAR driver Landon Cassill agreed to a $2.4 million settlement in 2024. Cuban and the Mavericks remain the primary defendants in the appeal.
Context: Voyager’s collapse
Voyager filed for Chapter 11 bankruptcy in July 2022 after what the company described as a short-term run and the default by crypto hedge fund Three Arrows Capital on a roughly $650 million loan. The bankruptcy spawned numerous lawsuits from investors seeking to recoup losses tied to the lender’s collapse.
What’s next
The 11th Circuit will now decide whether the case should proceed in Florida or whether the investors must press their claims elsewhere. A ruling could have broader implications for celebrity endorsements and the legal reach of online promotions in crypto-related litigation.
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