Mark Cuban has had a rough few years in crypto court. Now, just when he thought he’d cleared one of the bigger legal hurdles, investors are back for another round.

Voyager Digital investors filed an appeal on June 23, 2026, asking the US Court of Appeals for the Eleventh Circuit to revive their class-action lawsuit against Cuban and the Dallas Mavericks. The case had been dismissed by a Florida federal judge on December 30, 2025, on the grounds that the court lacked personal jurisdiction over the defendants.

What the lawsuit is actually about

The original complaint, Robertson et al. v. Cuban et al., was filed in August 2022, roughly one month after Voyager Digital sought Chapter 11 bankruptcy protection in July of that year.

The core allegation: Cuban publicly endorsed Voyager at a Mavericks press conference on October 27, 2021, telling the crowd he had personally invested in the platform. The Mavericks also had a sponsorship deal with Voyager reportedly valued at over $25 million.

When Voyager collapsed during the 2022 crypto bear market, investors who had deposited funds on the platform lost money. Their argument, in short, is that Cuban’s endorsement and the Mavericks’ sponsorship deal helped drive retail customers onto the platform without adequately disclosing the risks involved. The lawsuit alleged violations of securities law and consumer protection statutes.

The Florida federal judge who dismissed the case didn’t rule on the merits. He ruled that Cuban and the Mavericks simply didn’t have enough Florida-specific contacts to make a Florida court the appropriate venue. That’s a jurisdictional dismissal, not an exoneration, and it’s the kind of ruling that’s worth appealing if you believe the contacts were actually there.

Why this appeal matters beyond the case itself

Look at how other defendants in Voyager-related celebrity endorsement cases handled things: they settled. Cuban and the Mavericks are the rare holdouts who took the case all the way through jurisdictional discovery, multiple amended complaints, and a full dismissal ruling before seeing any resolution.

If the Eleventh Circuit reverses the dismissal and sends the case back to district court, Cuban and the Mavericks would face the actual merits of the securities and consumer protection claims. If the appeals court upholds the dismissal, the investors would likely need to refile in a different jurisdiction, assuming the statute of limitations hasn’t run, or accept that the case is over.

What investors and the industry should watch

For anyone still holding claims related to the 2022 crypto collapse, this appeal is a reminder that the litigation cycle from that era isn’t fully closed. This case has already been in active litigation since 2022.

For celebrities and athletes currently attached to crypto sponsorships, the Cuban case is a case study in how long-tail legal risk actually works. A press conference appearance in 2021 has generated years of litigation, jurisdictional discovery, multiple amended complaints, and now a federal appellate proceeding. Even winning at the district court level didn’t end it.