The appeal challenges a December 2025 decision that found the court lacked jurisdiction because the plaintiffs failed to establish sufficient ties between the defendants and Florida. The lawsuit alleges that Voyager offered unregistered securities and that promotional activities by Cuban and the Mavericks encouraged investments before the crypto lender collapsed and filed for bankruptcy in 2022.
Investors Revive Lawsuit Against Mark Cuban
Investors who sued billionaire entrepreneur Mark Cuban and the Dallas Mavericks over their promotion of the now-bankrupt cryptocurrency lender Voyager Digital have appealed a federal court decision that dismissed their lawsuit on jurisdictional grounds.
The appeal was filed with the US Court of Appeals for the Eleventh Circuit, and it challenges a December 2025 ruling by US District Judge Roy K. Altman, who concluded that the plaintiffs failed to establish sufficient connections between the defendants and the state of Florida.
The investors are also seeking review of a May 27 order that denied their efforts to reopen the case and reconsider the dismissal. In addition, the appeal covers several earlier rulings that were incorporated into the court’s final decisions. The move revives a legal battle that has been ongoing since 2022 and centers on allegations that Cuban and the Dallas Mavericks helped promote Voyager Digital before the crypto company’s collapse.
According to the original lawsuit, Voyager offered unregistered securities through its platform and used celebrity endorsements to attract investors. Plaintiffs argued that Cuban’s public support of the company and various promotional campaigns encouraged people to invest in Voyager products, which later became virtually worthless when the firm entered bankruptcy proceedings.
Judge Altman’s dismissal did not address the merits of those allegations. Instead, the court focused on whether it had personal jurisdiction over Cuban and the Mavericks in Florida.
The judge determined that nationwide marketing, online promotions, and public statements were insufficient to prove that the defendants specifically targeted Florida residents. As a result, the lawsuit was dismissed without prejudice. This means that the plaintiffs kept the right to pursue their claims in another jurisdiction.
The complaint mentioned several examples of Voyager-related promotions, including comments that Cuban made during a Dallas Mavericks news conference in October of 2021 where he revealed that he personally invested in Voyager. Plaintiffs also pointed to a Mavericks marketing campaign that offered customers $100 worth of Bitcoin if they downloaded the Voyager app, opened an account, deposited funds, and completed a trade.
Cuban’s legal team holds firm that neither he nor the Mavericks directed promotional activities specifically toward Florida investors. His attorneys also explained that Cuban publicly encouraged people to exercise caution when investing in cryptocurrencies.
Several other defendants named in the case have already settled. Former NFL star Rob Gronkowski, NBA player Victor Oladipo, and NASCAR driver Landon Cassill agreed to a $2.4 million settlement with investors in 2024. Their settlements left Cuban and the Dallas Mavericks as the primary remaining defendants.
The lawsuit emerged after Voyager Digital’s collapse in 2022. The company filed for Chapter 11 bankruptcy protection in July of that year after facing a severe liquidity crisis and losses linked to the default of crypto hedge fund Three Arrows Capital on a $650 million loan. Voyager’s bankruptcy triggered a wave of litigation against executives, partners, and promoters associated with the platform.
