Attorneys for Voyager Digital, currently bankrupt, have requested the individual bankruptcy court to file an investor lawsuit against the firm’s founder and CEO, Stephen Ehrlich, and Dallas Mavericks proprietor Mark Cuban.
According to InformationThe argument advanced by the lawyers is that the two Ehrlich and Cuban are connected to a equivalent lawsuit submitted by the same group of plaintiffs in opposition to Voyager by itself. It is critical to note that authorized steps towards bankrupt organizations are routinely suspended, which usually means filing for individual bankruptcy prevents several lawful steps, such as financial debt assortment requests.
On the other hand, this does not implement to 3rd parties, like organization executives. Nevertheless, personal bankruptcy judges can attain an agreement to prolong non permanent defense to other folks linked with the organization.
Fees versus Mark Cuban
The newest enhancement will come two weeks right after that course motion lawsuit it was introduced. in the United States District Courtroom for the Southern District of Florida from Cuban, the Dallas Mavericks and Voyager Digital CEO Steven Ehrlich.
The 12 guide plaintiffs accused Cuban of inducing “youthful and inexperienced admirers” to invest a important part of their financial savings in Voyager Digital by advertising the enterprise on a number of events and “building wonderful efforts to leverage their investor practical experience, to fool hundreds of thousands of Us residents “.
They claimed the Shark Tank star misrepresented plaintiffs about undisclosed costs for cryptocurrency exchanges on Voyager. The lender’s insurance policies status at the Federal Reserve and Federal Deposit Insurance policies Corporation (FDIC) has also been contested, according to court docket paperwork.
Cuban is also accused of talking at a Dallas Mavericks press conference the place he allegedly supported and strongly endorsed the partnership concerning his company and the Voyager Defendants.
Plaintiffs additional pointed out that the billionaire entrepreneur “proudly described how he would individually assistance significantly maximize the arrive at and existence of the Voyager fraudulent system for those people with minimal resources and encounter.”
Voyager-Saga
Voyager Digital filed for bankruptcy in July, citing “continued volatility and contagion in cryptocurrency markets” and 3AC’s default on a mortgage from the firm’s subsidiary.
The Federal Deposit Insurance policies Corporation (FDIC) and the Federal Reserve Board did this lately organized. the cryptocurrency loan company need to not make wrong and misleading statements about its FDIC deposit insurance coverage status on its social media accounts, cell applications and sites.
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