Judge Dismisses Crypto Suit Against Mavericks, Cuban — Shocker
A federal judge has tossed a 2022 cryptocurrency lawsuit targeting the Dallas Mavericks and former majority owner Mark Cuban, ruling that the plaintiffs failed to establish personal jurisdiction over the team and Cuban. In an order dated Dec. 26, U.S. District Judge Roy K. Altman for the Southern District of Florida concluded the court lacked the authority to hear the case as brought. The suit had accused Cuban of inducing plaintiffs to open interest-bearing accounts with Voyager after he said at a Mavericks news conference in October 2021 that he had personally invested in the company, and after the team promoted a Voyager offer on Twitter that gave new users $100 in Bitcoin after meeting simple account and trading requirements.
Cuban’s lawyers pushed back on several fronts during the litigation. They argued Cuban cautioned people to be careful with their money, that the Voyager assets at issue were not securities subject to promotional regulations, and that the Florida court did not have jurisdiction over Cuban or the Mavericks. Following the dismissal, lead counsel Steve Best said he was pleased with the ruling and suggested plaintiffs might try to file in another jurisdiction, adding he was ready to defend Cuban and the team elsewhere.
The case was one of multiple lawsuits filed against athletes and celebrities who promoted the now-bankrupt Voyager platform. High-profile names initially named in the Voyager litigation included former NFL tight end Rob Gronkowski, former NBA player Victor Oladipo and NASCAR driver Landon Cassill; those defendants have since reached settlements. Attorneys for the plaintiffs did not immediately respond to requests for comment about the dismissal.
Since the events at the heart of the lawsuit, Cuban has sold his majority stake in the Mavericks to casino magnate Miriam Adelson. The dismissal marks a setback for plaintiffs seeking to hold public figures and sports franchises accountable in that particular forum, while underscoring the procedural hurdle of proving jurisdiction in multi-state promotional disputes involving digital-asset companies.
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