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Haider Jamal

May 08, 2024

Multiple Athletes Reach Agreement With Plaintiffs In Voyager Case

Rob Gronkowski, Victor Oladipo, and Landon Cassill have reached an agreement with plaintiffs in their ongoing legal dispute concerning Voyager Digital. Three prominent American sports figures will collectively pay $2.42 million to settle claims of promoting the failed cryptocurrency exchange.

 

Gronkowski Leads The Charge

In a class action settlement filed on May 3rd, retired NFL star Rob Gronkowski will contribute the largest share, totaling $1.9 million. NBA player Victor Oladipo will pay $500,000, while NASCAR driver Landon Cassill will pay $25,000. All three athletes have agreed to these settlements without either affirming or denying the accusations against them.

The settlement proposal encompasses all U.S. individuals who participated in a Voyager Earn Program Account or acquired VGX tokens between October 2019 to the preliminary approval date. Additionally, the plaintiffs intend to request attorney fees of approximately $792,000. Gronkowski, who unveiled an NFT collection in 2021, became associated with Voyager as a partner, brand ambassador, shareholder, and VGX token holder in September 2021, according to a prior press release.

 

Voyager Keeps Going Down

Adam Moskowitz, the legal representative for the investors, attributed the settlements largely to the athletes and their desire to assist their supporters. He emphasized how Gronkowski is being genuinely empathetic for his fans, despite also incurring losses with Voyager.

A group of investors initially filed a class action against Dallas Mavericks owner Mark Cuban in 2022, later including Gronkowski and other Voyager promoters in 2023. The settlements were achieved through mediation to address whether the Voyager products constituted unregistered securities and if the promoters actively solicited investors.

Voyager Digital filed for bankruptcy in July 2022, citing market turbulence following the Terra/Luna collapse in May and defaulting loans to the Three Arrows Capital hedge fund. In April, Voyager made strides in compensating its creditors by securing $484 million through settlements with FTX, Three Arrows Capital, and Directors and Officers insurance claims.

 

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