Investors who lost funds in the Voyager Digital collapse have reignited their legal fight against billionaire Mark Cuban and his NBA team, the Dallas Mavericks. On Tuesday, they filed a notice of appeal with the U.S. Eleventh Circuit Court of Appeals, seeking to overturn a December 2025 ruling that dismissed all claims against the two defendants.
U.S. District Judge Roy Altman had previously found that the plaintiffs failed to establish sufficient connections between their claims and the state of Florida, leading to the dismissal. The investors also challenged a May 27 order that denied motions to reopen the case and reconsider the dismissal. The appeal covers earlier rulings that were incorporated into the final judgment, keeping alive one of the remaining legal disputes tied to Voyager's 2022 bankruptcy.
Appeal Targets Jurisdictional Ruling
According to the filing, the plaintiffs ask the Eleventh Circuit to determine whether the Florida court properly exercised jurisdiction. They argue that the lower court's decision warrants review. If the appeals court agrees, the lawsuit could return to active litigation, allowing investors to pursue claims against Cuban and the Mavericks.
The lawsuit was originally filed in 2022, accusing Cuban and several celebrity promoters of encouraging investments in Voyager before the company filed for bankruptcy. Investors alleged Voyager offered unregistered securities and that endorsements attracted customers to the platform. Several high-profile figures have already settled: former NFL star Rob Gronkowski, NBA player Victor Oladipo, and NASCAR driver Landon Cassill reached a combined $2.4 million settlement in 2024. That left Cuban and the Mavericks as the sole remaining defendants.
Voyager's Collapse Sparked Broader Legal Fallout
Voyager filed for Chapter 11 bankruptcy in July 2022 amid a severe crypto market downturn, citing heavy customer withdrawals and the default of crypto hedge fund Three Arrows Capital on a $650 million loan. It became one of the most prominent crypto failures of the era, generating a wave of lawsuits against executives, partners, and promoters.
The Eleventh Circuit will now decide whether to revive the dismissed claims. Its ruling could shape the next phase of the long-running legal battle stemming from Voyager Digital's demise.