- Voyager investors filed an appeal challenging dismissal of claims against Cuban.
- Celebrity defendants settled earlier, leaving Cuban and Mavericks in lawsuit.
- Voyager bankruptcy fallout continues as appellate court reviews case.
Mark Cuban and the Dallas Mavericks are facing a renewed legal challenge from investors who lost money in Voyager Digital’s collapse. The group has filed an appeal seeking to overturn a federal court decision that dismissed claims against the billionaire entrepreneur and the NBA franchise.
The notice of appeal was submitted Tuesday to the Eleventh Circuit Court of Appeals. Through the filing, the investors asked the court to review a December 2025 ruling that removed Cuban and the Mavericks from the lawsuit. U.S. District Judge Roy Altman previously found that the plaintiffs failed to show sufficient connections between their claims and the state of Florida. Consequently, the court dismissed the case against Cuban despite his ownership of residences in the state.
Additionally, the investors challenged a May 27 order that denied requests to reopen the case and reconsider the dismissal. Their appeal also covers earlier rulings that became part of the final judgment. The latest move keeps alive one of the remaining legal disputes tied to Voyager’s downfall. The cryptocurrency brokerage collapsed in 2022, leaving customers with billions of dollars in losses.
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Investors Challenge Court’s Jurisdiction Decision
According to the filing, the plaintiffs want the Eleventh Circuit to determine whether the Florida court properly dismissed their claims. They argue that the lower court’s decision deserves further review. If the appeals court agrees, the lawsuit could return to active litigation. Such a decision would allow investors to continue pursuing claims against Cuban and the Mavericks.
The lawsuit was first filed in 2022 in which it accused Cuban and several celebrity promoters of encouraging investments in Voyager before the company entered bankruptcy proceedings. Investors claimed that Voyager offered unregistered securities and that public endorsements helped attract customers to the platform.
Several high-profile defendants have already resolved their involvement in the case. Former NFL star Rob Gronkowski, NBA player Victor Oladipo, and NASCAR driver Landon Cassill reached a $2.4 million settlement with investors in 2024.
As a result, Cuban and the Dallas Mavericks became the primary remaining defendants in the litigation. Plaintiffs continue to argue that promotional activities connected to Voyager influenced investor decisions before the company’s collapse.
Voyager Bankruptcy Triggered Broader Legal Fallout
Voyager filed for Chapter 11 bankruptcy protection in July 2022 during a severe downturn in the digital asset market. The company cited heavy customer withdrawals and the default of crypto hedge fund Three Arrows Capital on a $650 million loan.
Moreover, Voyager became one of the most notable crypto failures of that period. Its bankruptcy sparked several lawsuits involving executives, business partners, and individuals who promoted the platform.
The Eleventh Circuit will now decide whether the dismissed claims should move forward. The ruling could determine the next phase of the long-running legal battle surrounding Voyager Digital’s collapse.
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