Mark Cuban to face questioning under oath over promotion of Voyager

Dallas Mavericks proprietor Mark Cuban is acceptable to beryllium “deposed” adjacent period arsenic portion of a defence against a projected class-action suit alleging that helium promoted an alleged “ponzi-scheme” successful the signifier of now-bankrupted crypto lender Voyager Digital.

A deposition successful ineligible presumption mostly refers to answering a enactment of questioning nether oath during the pre-trial find signifier of a imaginable tribunal case.

In a Jan. 9 tribunal order, U.S. Magistrate Judge Lisette M. Reid denied Cuban's petition to divided the deposition into 2 occasions, and outlined that his afloat deposition volition beryllium taken connected Feb. 2 successful Dallas, Texas.

As portion of the defense, 2 Dallas Mavericks employees volition besides request to beryllium deposed earlier Feb. 23.

Additionally, the justice stated that 3 plaintiffs down the suit, Pierce Robertson, Rachel Gold and Sanford Gold volition beryllium deposed earlier the extremity of this month.

In a alternatively feisty connection to ineligible quality work Law360 connected Jan. 9, the plaintiffs’ counsel expressed their enthusiasm implicit the justice “denying Mark Cuban's attempts to enactment and hold discovery.”

“We person been litigating connected behalf of hundreds of injured Voyager investors for much than a twelvemonth and volition yet beryllium capable to uncover grounds of what transpired, and afloat recognize to what grade Mr. Cuban, and his Dallas Mavericks, were progressive successful the 'offering' of these unregistered securities and to what grade helium was to profit,” they said.

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Cuban’s counsel besides spoke to Law360 and noted that the deposition of the plaintiffs volition screen “issues of standing, alleged mendacious statements included successful the ailment and questions astir the Voyager accounts held by the plaintiffs.”

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The suit successful question was initially filed connected Aug. 10, 2022, with the plaintiffs alleging that Cuban misrepresented Voyager connected galore occasions earlier it went bankrupt, making dubious claims of it being cheaper than competitors and offering “commission-free” trading services.

The suit besides alleges that the steadfast offered unregistered securities and that Cuban and Voyager CEO Stephen Ehrlich utilized their blase acquisition to enactment uneducated investors to determination their beingness savings into what they present consciousness to beryllium a “ponzi-scheme.”

Voyager officially entered into section 11 bankruptcy Jul. 6 past year. After facing liquidity issues arsenic a effect of crypto wintertime and a hefty indebtedness to Three Arrows Capital that was defaulted on, the steadfast emphasized that the determination was portion of a ““Plan of Reorganization.”