Dallas Mavericks proprietor Mark Cuban is about to be “deposed” subsequent month as a part of a protection in opposition to a proposed class-action lawsuit alleging that he promoted an alleged “ponzi-scheme” within the type of now-bankrupted crypto lender Voyager Digital.
A deposition in authorized phrases typically refers to answering a line of questioning beneath oath in the course of the pre-trial discovery stage of a possible courtroom case.
In a Jan. 9 courtroom order, U.S. Justice of the Peace Choose Lisette M. Reid denied Cuban’s request to separate the deposition into two events, and outlined that his full deposition can be taken on Feb. 2 in Dallas, Texas.
As a part of the protection, two Dallas Mavericks workers may even should be deposed earlier than Feb. 23.
Moreover, the decide said that three plaintiffs behind the go well with, Pierce Robertson, Rachel Gold and Sanford Gold can be deposed earlier than the top of this month.
In a moderately feisty assertion to authorized information publication Law360 on Jan. 9, the plaintiffs’ counsel expressed their enthusiasm over the decide “denying Mark Cuban’s makes an attempt to remain and delay discovery.”
“We now have been litigating on behalf of tons of of injured Voyager traders for greater than a yr and can lastly be capable of uncover proof of what transpired, and absolutely perceive to what extent Mr. Cuban, and his Dallas Mavericks, have been concerned within the ‘providing’ of those unregistered securities and to what extent he was to revenue,” they stated.
Cuban’s counsel additionally spoke to Law360 and famous that the deposition of the plaintiffs will cowl “problems with standing, alleged false statements included within the criticism and questions concerning the Voyager accounts held by the plaintiffs.”
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The lawsuit in query was initially filed on Aug. 10, 2022, with the plaintiffs alleging that Cuban misrepresented Voyager on quite a few events earlier than it went bankrupt, making doubtful claims of it being cheaper than opponents and providing “commission-free” buying and selling companies.
The go well with additionally alleges that the agency provided unregistered securities and that Cuban and Voyager CEO Stephen Ehrlich utilized their subtle expertise to rope uneducated traders to pour their life financial savings into what they now really feel to be a “ponzi-scheme.”
Voyager formally entered into bankruptcy chapter Jul. 6 final yr. After dealing with liquidity points because of crypto winter and a hefty mortgage to Three Arrows Capital that was defaulted on, the agency emphasised that the transfer was a part of a ““Plan of Reorganization.”
