Billionaire businessman and Dallas Mavericks owner, Mark Cuban, is set to be deposed as part of a class-action lawsuit filed by investors of the now-defunct cryptocurrency lending platform Voyager Digital.
The deposition, which will take place on February 2nd, will be held in Dallas, Texas, and will be conducted as part of the ongoing legal proceedings against the company.
The lawsuit was filed by a group of investors who claim they were misled by the company’s promotions and suffered financial losses as a result. The plaintiffs have accused Voyager Digital and its executives of making false and misleading statements about the company’s business, operations, and financial condition.
Mark Cuban, known for investing in cryptocurrency startups, had publicly endorsed Voyager Digital and promoted the platform on social media. Cuban’s deposition is expected to provide insight into the company’s promotions and how they influenced the investors’ decision to invest in the platform.
A deposition is an essential part of the legal process. It is often used during trials to gather information from individuals with relevant knowledge about a particular case. The deposed individuals are typically people who have some connection to the case and are being questioned about the facts and circumstances surrounding the matter.
The deposition process is conducted under oath, which means that the person being deposed is sworn to tell the truth and is subject to the penalties of perjury if they provide false or misleading information.
According to a report, on January 6th, U.S. Magistrate Judge Lisette M. Reid made a significant ruling in the ongoing legal proceedings involving Cuban. Judge Reid denied the request by Cuban to split his deposition into two parts. This decision was made by the U.S. District Court of the Southern District of Florida, where the case is being heard.
This ruling means that Cuban will be required to give a complete deposition rather than being limited to only discussing jurisdictional issues.
The plaintiffs in the case against Cuban have expressed their conviction that he should be held responsible for allegedly deceiving “unsophisticated investors.”
The plaintiffs argue that Cuban used “false and misleading promises” to entice these investors, promising them significant profits. They have also compared the actions of Voyager, the company at the center of the case, to those of a Ponzi scheme.
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