A federal decide has dismissed a lawsuit filed by former Voyager Digital traders in opposition to billionaire entrepreneur Mark Cuban over the basketball staff Dallas Mavericks’ partnership with the now-bankrupt cryptocurrency trade.
In an order filed Tuesday within the US District Court docket for the Southern District of Florida, Choose Roy Altman granted a movement to dismiss the case over claims that the traders “fail[ed] to ascertain private jurisdiction,” amongst different causes.
The category-action lawsuit, filed in August 2022 shortly after the crypto trade filed for chapter, alleged “false representations and different misleading conduct” on the firm, particularly citing the 2021 cope with the Mavericks, meant to be for 5 years. The plaintiffs sued Cuban, the Mavericks and others over “misrepresentations and omissions” about Voyager, which downplayed dangers in crypto investments.
In granting the movement to dismiss, Altman mentioned the plaintiffs did not reveal that Cuban and the Mavericks “carr[ied] on a enterprise or enterprise enterprise in Florida,” regardless of details about the billionaire’s journey to the US state or his properties in Miami Seaside. As well as, the decide mentioned the lawsuit didn’t present proof that Florida residents had been particularly focused with claims about Voyager by the defendants.
“Invoking conspiracy jurisdiction right here would possibly make extra sense if this go well with had been in opposition to Voyager,” mentioned Altman. “However it’s not. Cuban and the Mavericks are our sole defendants. And the Plaintiffs don’t argue that Voyager is the related co-conspirator right here.”
Cointelegraph reached out to the Moskowitz legislation agency, co-counsel to the plaintiffs, for touch upon the dismissal, however had not acquired a response on the time of publication.
Associated: Buyers funnel $32B into US crypto ETFs regardless of year-end pullback
Market downturn in 2022 affected extra than simply Voyager
Voyager’s chapter submitting in August 2022 was probably influenced by a big crypto market downturn spurred by the collapse of the Terra ecosystem. A number of corporations filed for chapter safety that yr, together with crypto trade FTX and Celsius Community.
Do Kwon, co-founder of Terraform Labs, was just lately sentenced to fifteen years in jail associated to his function within the collapse, which worn out about $40 billion from the cryptocurrency market.
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