Voyager investors appeal dismissal of suit against Mark Cuban

Investors in collapsed crypto brokerage Voyager Digital filed a notice of appeal with the U.S. Court of Appeals for the Eleventh Circuit on Tuesday, asking the court to review a Florida federal judge's Dec. 30, 2025 dismissal of their 2022 lawsuit against Mark Cuban and the Dallas Mavericks. The filing also challenges related orders that denied efforts to reopen or reconsider the case.

The appeal disputes the district court's finding that the plaintiffs failed to show Cuban’s contacts with Florida were sufficient to establish personal jurisdiction. The investors asked the appeals court to review the December dismissal, a May 27 order that denied motions to reopen and to reconsider the earlier ruling, and prior interlocutory decisions that were incorporated into those orders.

The 2022 complaint accused Cuban, the Mavericks and other public figures of promoting investments on Voyager’s platform that the plaintiffs say were unregistered securities. Several other named defendants, including retired NFL player Rob Gronkowski, NBA player Victor Oladipo and NASCAR driver Landon Cassill, reached a $2.4 million settlement with the investors in 2024 and are no longer parties to the suit.

Voyager filed for Chapter 11 bankruptcy protection in July 2022 after a rapid withdrawal of customer funds and the default of cryptocurrency hedge fund Three Arrows Capital on a roughly $650 million loan. The bankruptcy led to multiple lawsuits and claims from customers and investors seeking recovery tied to losses on the platform.

After the settlements with other celebrity defendants, Cuban and the Mavericks remain the sole targets of the investors’ federal claims. The Eleventh Circuit will now review the appeal and decide whether the lower court's jurisdictional ruling and related orders should be upheld.