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Mark Cuban to appear in court over fraud claims

Mark Cuban

TL;DR Breakdown

  • Mark Cuban to face deposition in fraud claims
  • The mavericks boss was denied two deposition sessions
  • Legal counsels of both parties blow hot

Mark Cuban has been ordered to appear for a deposition in court in connection to an ongoing lawsuit involving Voyager Digital. The Dallas Mavericks boss has been labeled as one of the defendants in the recent case concerning the bankrupt lending platform. The platform is presently facing a class action lawsuit from many users over the current events at the company, with most of them branding it a Ponzi scheme.

Mark Cuban denied from having two deposition sessions

The deposition will involve a legal attorney asking Cuban questions under oath. During this stage, the attorney will try to discover as much evidence as possible to determine if the case should be taken to court. In the court order published yesterday, the Judge denied an earlier filed motion that the deposition should occur at two different times.

The ruling stated that the Mavericks boss should be deposed in only one session and is billed to take place on February 2 in Dallas. In addition to Cuban, two executives of his basketball club will also face deposition, which is expected to be completed by February 23. All this will happen after the deposition of some of the plaintiffs championing this cause.

The legal counsel of both parties blows hot

In reaction to the latest news about the deposition, the plaintiff’s legal representatives released a statement supporting the ruling. The lawyers mentioned that they had been involved in this process for about a year. They also noted that the deposition would uncover what went down, how Mark Cuban, his basketball club, and other associates were involved, and how much they gained from the incident. The counsel representing the Mavericks boss also mentioned that the plaintiffs’ deposition would reveal several details of the issue and how they have used false statements and complaints to push the case to this extent.

The lawsuit was first filed on August 10, with the plaintiffs alleging that Cuban influenced them by creating a false impression of the platform. The investors also claimed that Mark Cuban and the platform’s CEO took advantage of the users for their gain by selling them unregistered securities to steal their life savings through their Ponzi scheme. Voyager Digital officially went bankrupt after filing with the court due to the current condition of the crypto market and the loan it sent to 3AC.

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Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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