Voyager investors ask appeals court to revive case against Mark Cuban

Investors who sued Mark Cuban and the Dallas Mavericks over their promotion of Voyager Digital have appealed a federal court decision that dismissed the case on jurisdictional grounds.

A notice filed Tuesday with the U.S. Court of Appeals for the Eleventh Circuit seeks review of a December 2025 ruling by U.S. District Judge Roy K. Altman, who dismissed the lawsuit after determining that the plaintiffs had not established sufficient ties between the defendants and Florida.

Court records show the appeal also challenges Judge Altman’s May 27 order that denied requests to reopen the case and reconsider the dismissal. The filing further seeks review of earlier interlocutory rulings that became part of those decisions.

The lawsuit dates back to 2022, when Voyager investors accused Cuban, the former majority owner of the Dallas Mavericks and investor known for his role on Shark Tank, of helping promote Voyager’s products before the crypto firm’s collapse. 

Plaintiffs alleged that Voyager offered unregistered securities through its platform and that celebrity endorsements encouraged investors to participate.

Appeal targets jurisdiction ruling

Judge Altman’s December decision did not address whether the promotional activities were misleading. Instead, the court found that the plaintiffs had failed to establish personal jurisdiction over Cuban and the Mavericks in Florida.

The dismissal order stated that nationwide advertising campaigns and online promotions did not, by themselves, establish that the defendants purposefully targeted Florida residents. Court records show the case was dismissed without prejudice, leaving investors free to pursue their claims in another jurisdiction.

Plaintiffs had cited remarks Cuban made during an October 2021 Mavericks news conference, where he disclosed that he had invested in Voyager. The complaint also referenced a Mavericks promotion that offered $100 in Bitcoin to customers who downloaded the Voyager app, opened an account, deposited $100, and completed a trade.

Cuban’s legal team argued during the proceedings that neither he nor the Mavericks specifically directed their promotional efforts toward Florida investors. Defense attorneys also cited Cuban’s public comments urging individuals to exercise caution when making cryptocurrency investments.

Other defendants settled before appeal

Several defendants originally named in the litigation have already resolved claims with the investors. Retired NFL player Rob Gronkowski, NBA player Victor Oladipo, and NASCAR driver Landon Cassill agreed to a $2.4 million settlement in 2024, leaving Cuban and the Mavericks as the remaining defendants in the case.

Voyager filed for Chapter 11 bankruptcy protection in July 2022 after what the company described as a short-term run on the bank and the default of crypto hedge fund Three Arrows Capital on a $650 million loan.

The bankruptcy triggered multiple lawsuits against executives, business partners, and promoters tied to the crypto lender as investors sought compensation for losses linked to the company’s collapse.