Judge Approves Early $2.4M Settlement with Sports Stars in Voyager Case

A Florida judge has given preliminary approval to a legal settlement involving three well-known sports figures. This settlement permits them to collectively pay over $2.4 million to address allegations that they promoted the crypto company Voyager Digital. Judge Roy Altman of the United States District Court for the Southern District of Florida sanctioned this initial agreement on June 10. The involved athletes are NFL star Robert Gronkowski, NBA player Victor Oladipo, and Nascar driver Landon Cassill.

Lawyers representing these sports personalities announced in May that they had reached an agreement to settle the case for approximately $2.4 million. Notably, Gronkowski is set to pay a substantial portion of the settlement, amounting to $1.9 million. This class-action lawsuit originally included former Dallas Mavericks owner Mark Cuban, filed in 2022. Plaintiffs in the lawsuit accused Cuban of misrepresenting Voyager’s services, which led inexperienced investors to lose their money when Voyager declared bankruptcy.

Should the court give its final approval, this settlement will resolve the legal issues for Gronkowski, Oladipo, and Cassill. It will not address the case against Mark Cuban or the Dallas Mavericks. This civil lawsuit is separate from the myriad other legal troubles Voyager has faced since plunging into financial distress in 2022. Specifically, the firm has been entangled in bankruptcy and has dealt with claims concerning funds tied up at Three Arrows Capital and the now-defunct crypto exchange FTX.

Earlier this year, in April, a judge approved a motion where FTX agreed to forfeit around $450 million in funds. These funds are expected to be used to compensate Voyager creditors. In 2023, a federal judge ordered Voyager and its affiliates to pay over $1.6 billion in monetary relief to the U.S. Federal Trade Commission. This marked a significant development in the ongoing legal battles faced by the troubled crypto firm.

Parallel to these proceedings, the U.S. Commodity Futures Trading Commission and the Federal Trade Commission have also taken action. They have filed lawsuits against Stephen Ehrlich, the former CEO of Voyager, alleging fraudulent statements related to the company’s services. These lawsuits illustrate the breadth of legal challenges still plaguing Voyager.

The legal landscape for Voyager has been incredibly complex. The company has been inundated with numerous lawsuits and claims, especially from creditors looking to recoup their investments. The settlement with Gronkowski, Oladipo, and Cassill is but one facet of this extensive legal saga. While it brings some closure, many other elements remain unresolved.

The approval of the class action settlement may offer some relief to the investors who felt misled by Voyager’s promotions. For the sports stars involved, reaching a monetary settlement allows them to sidestep prolonged legal battles and potential reputational damage.

As we await the final decision from the court, the unfolding events serve as a reminder of the tumultuous nature of the cryptocurrency world. Companies like Voyager, though offering groundbreaking services, must tread carefully to avoid legal pitfalls and maintain consumer trust.

14 thoughts on “Judge Approves Early $2.4M Settlement with Sports Stars in Voyager Case

  1. How convenient that they’re settling now. Makes you wonder just how deep their involvement went.

  2. It’s refreshing to see accountability in the sports and crypto world. Well done, Judge Altman and the athletes! 🌟⚖️

  3. Respect to Gronkowski for taking the bulk of the settlement. A real leader! 👏🏈🎉

  4. Amazing news! These athletes are showing true character by addressing the issue head-on. ⚖️✨💪

  5. Finally some progress! Kudos to the legal teams and the sports figures for this settlement.

  6. Great job by the judge and the legal teams. Good to see athletes owning up and promoting transparency.

  7. Why are they only focusing on Gronkowski, Oladipo, and Cassill? What about the bigger players like Mark Cuban? This settlement is just scratching the surface.

  8. This settlement is a great example of responsibility. Proud of these athletes for doing what’s right!

  9. Such a positive outcome from a difficult situation. Hope this settlement brings some relief to the affected investors.

  10. Just another day in the turbulent world of crypto. Unfortunately, its the small investors who always suffer the most.

  11. A positive step towards resolution! Kudos to these athletes for settling this swiftly and responsibly.

  12. Bravo to the sports figures involved! Quick resolution shows they value their fans and investors.

  13. So proud of Gronk, Oladipo, and Cassill for resolving this. Lets hope for brighter days in crypto!

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