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A judge in Florida has given preliminary approval to a $2.4 million settlement over claims that sports stars misled investors by promoting Voyager Digital. After months of litigation, NFL star Robert Gronkowski, NBA player Victor Oladipo and Nascar driver Landon Cassill are close to reaching a settlement in this case.
In the June 10 filing, U.S. District Court for the Southern District of Florida Judge Roy Altman granted preliminary approval to the class-action settlement involving NFL star Robert Gronkowski, NBA player Victor Oladipo and Nascar driver Landon Cassill. Lawyers for the three sports personalities announced in May that they had agreed to pay a lump sum of nearly $2.4 million, with $1.9 million of that amount to be paid by Gronkowski.
The class-action lawsuit filed against former Dallas Mavericks owner Mark Cuban in 2022 alleged that the billionaire misrepresented Voyager’s services, causing inexperienced investors to lose their money when the firm filed for bankruptcy. If given final approval by the court, the proposed deal would resolve matters for Gronkowski, Oladipo and Cassill, but not for Cuban or the Mavericks.
The civil lawsuit is unrelated to other legal proceedings Voyager debtors have been involved in since 2022. The firm has been in bankruptcy court, dealing with claims related to funds at Three Arrows Capital and bankrupt crypto exchange FTX.
In April, a judge approved a proposal that FTX would “give up any rights” to nearly $450 million in funds that would be used to compensate Voyager creditors. In 2023, a federal judge approved an order requiring Voyager and its subsidiaries to pay more than $1.6 billion in fines to the U.S. Federal Trade Commission.
The U.S. Commodity Futures Trading Commission (CFTC) and the Federal Trade Commission (FTC) filed parallel lawsuits against Voyager’s former CEO, Stephen Ehrlich, for misleading statements about the company’s services. These lawsuits were ongoing at the time of publication.
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