- Three co-defendants and sports stars in the Voyager Digital lawsuit have agreed to settle with the victims
- However, Mark Cuban and his team haven’t settled, which could see them face trial in November
As a researcher, I find it intriguing how things have unfolded in the Voyager Digital lawsuit, particularly with regard to Mark Cuban and his team’s decision not to settle yet. While three co-defendants and sports stars, including Rob Gronkowski, Victor Oladipo, and Landon Cassill, have agreed to settle for $2.4 million, Mark Cuban remains the only prominent figure holding out.
Mark Cuban might stand trial in November 2024 if the ongoing Voyager Digital cryptocurrency class action lawsuit’s unresolved claims aren’t settled before then.
As a researcher examining this case, I’ve found that while Cuban chose not to settle the lawsuits related to Voyager Digital’s promotional activities, other athletes implicated in the case, such as Rob Gronkowski, Victor Oladipo, and Landon Cassill, have opted for a different approach. They collectively agreed to pay $2.4 million to resolve these claims.
If the court approves the mentioned settlement, Mark Cuban and his team would be the sole parties to move forward with a trial later in the year, according to the filing.
“Cassill, Gronkowski, and Oladipo, promoters named as defendants in this case, have reached settlements with the plaintiffs for substantial amounts of money. These developments mean that Mark Cuban and the Dallas Mavericks are now the only remaining defendants set for trial in November 2024.”
Voyager Digital and Mark Cuban’s woes
In 2021, Mark Cuban, the wealthy businessman, and his basketball team, the Dallas Mavericks, entered into a five-year partnership agreement with Voyager Digital. Due to Cuban’s clout and the large fanbase of the Mavericks, Voyager Digital successfully gained numerous new customers.
After the company’s bankruptcy in 2022, things took a turn for the worse, resulting in significant financial losses for investors. Consequently, displeased customers initiated a class action lawsuit. Approximately 3.5 million individuals are believed to have been impacted, with the plaintiffs collectively reporting over $5 billion in damages – an alleged consequence of Cuban’s promotional activities.
From a different perspective, Rob Gronkowski had a significant role with the now-defunct crypto company, going beyond being just a brand ambassador. He also held tokens. The extent of his promotion efforts led him to pay a larger settlement fee of $1.9 million, surpassing what Oladipo and Cassill paid.
As a crypto investor, I must acknowledge that it’s uncertain whether Mark Cuban will pursue a settlement or go through with the trial scheduled for November 2024. Regardless, this incident serves as a stark reminder of the risks involved when prominent figures endorse crypto companies.
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2024-05-10 19:35