The duo has been accused of continuously exaggerating the capabilities of their service.
Voyager Digital filed for chapter 11 bankruptcy in early July.
Mark Cuban, the owner of the NBA’s Dallas Mavericks, is being sued by both Voyager Digital investors and Mavericks supporters. Moskowitz Law Firm has initiated the class action case in the US District Court for the Southern District of Florida.
The lawsuit claims the billionaire targeted Dallas Mavericks fans with advertisements for Voyager Digital. The complaint claims Cuban and Voyager Digital CEO Stephen Ehrlich systematically recruited young, naive followers to invest their life savings in what they now claim was a Ponzi scam.
Cuban and Voyager have also been accused of continuously exaggerating the capabilities of their service. They allegedly advertised the platform as being free of charge and cheaper than its competitors. According to the lawsuit, however, investors were charged excessively high costs and surcharges. And that seems to have occurred without the investor even realizing it.
Investors Waiting For Funds
Voyager Digital filed for chapter 11 bankruptcy in early July. The company temporarily stopped accepting new users and processing withdrawals. The bankruptcy petition also revealed that there were more than 100,000 unsecured creditors. Assets were believed to be between $1 billion and $10 billion.
In addition, Voyager Digital issued a statement on the 5th of August, 2022, indicating that they will reopen cash withdrawals on the 11th of August. Following the court’s approval of the company’s request, consumers were informed that they would once again have access to funds at the Metropolitan Commercial Bank. The court ordered $270M in deposits to be made available. Users should expect their requests to be processed and their money to be transferred within 5-10 business days.