There have been allegations and a proposed class-action lawsuit against Mark Cuban for promoting bankrupt crypto lender Voyager Digital. Back in Q3 2022, complaint filers argued that Cuban misrepresented the crypto lender on a host of instances before it went bankrupt.
They also alleged that Cuban made claims of Voyager being cheaper than competitors and offering “commission-free” trading services. According to the plaintiffs, the lender also offered unregistered tokens, and Cuban and Voyager CEO Stephen Ehrlich lured in helpless investors to divert funds into the “Ponzi scheme.”
Now, owing to the lawsuit, the American entrepreneur will be questioned next month.
Cuban’s Deposition To Take Place In February
The Magistrate Judge, Lisette M. Reid, recently turned down Cuban’s request to divide the deposition into two sessions. According to the court order, his full-fledged questioning under oath will happen on February 2 in Texas. Additionally, two Dallas Mavericks employees will also be deposed before February 23.
The complaint filers, on the other hand, will be questioned before January ends. According to Cuban’s counsel, their questioning will revolve around the “alleged false statements” included in the complaint. The interrogation will also touch upon the Voyager accounts held by the plaintiffs.
After thanking the Judge for denying Cuban’s “attempts to stay and delay discovery,” the counsel for investors told Law360,
“… we have been litigating on behalf of hundreds of injured Voyager investors for more than a year and will finally be able to uncover evidence of what transpired, and fully understand to what extent Mr. Cuban, and his Dallas Mavericks, were involved in the ‘offering’ of these unregistered securities and to what extent he was to profit.”
In other Voyager-related news, the firm labeled FTX as a “hypocrite” for opposing Binance’s deal to acquire the troubled lender. Binance.US was all set to buy Voyager’s asset for $1 billion. However, it received resistance from the Securities and Exchange Commission [SEC], the Department of Justice [DoJ], and FTX’s Alameda Research.