Cuban, two dallas mavericks employees, and three plaintiffs are all involved in an ongoing lawsuit against the billionaire. the lawsuit alleges that cuban misrepresented the bankrupt crypto lender voyager in promotional materials, and aggressively marketed the firm to crypto novices and inexperienced retail investors. cuban was ordered to depose in court on february 2, 2021, and the other two dallas mavericks employees and three plaintiffs will deliver their depositions later this month. cuban made statements that voyager was “as close to risk-free as you’re gonna get in the crypto universe.”
Lawsuit against mark cuban happened in the united states. the deposition of cuban and the other two dallas mavericks employees will take place in one session on february 2, 2021, while the three plaintiffs will deliver their depositions later this month. furthermore, voyager was not registered with the u.s. securities and exchange commission (sec), the commodity futures trading commission (cftc), or the necessary federal or state regulators involved in overseeing the selling of securities.
Lawsuit describes voyager as a “massive ponzi scheme” and alleges that cuban, voyager, and its promoters were targeting crypto novices and inexperienced retail investors. voyager filed for chapter 11 bankruptcy in july 2020 and ftx.us won the bid to scoop up voyager’s remaining assets for $1.4 billion, but the deal fell through after ftx spectacularly collapsed a fortnight later. binance.us emerged as “the best and highest bid” at just over $1 billion. the lawsuit against cuban is an attempt to hold him accountable for misrepresenting the risk of investing in voyager and for aggressively marketing the firm to unsuspecting investors.