Shaquille O'Neal to pay $1.8 million to settle FTX class action lawsuit

Former NBA subordinate Shaquille O’Neal volition wage $1.8 cardinal to settee a people enactment suit related to the demise of cryptocurrency speech FTX

Former NBA subordinate Shaquille O'Neal volition wage $1.8 cardinal to settee a people enactment suit related to the demise of cryptocurrency speech FTX.

O'Neal, and different celebrities similar Tom Brady and Stephen Curry, were named successful the lawsuit successful 2022. They had been accused of touting FTX arsenic a reputable and trustworthy concern enactment via paid endorsements. The projected colony lone pertains to O'Neal.

Three years agone FTX was the third-largest cryptocurrency exchange, but it ended up with billions of dollars worthy of losses and had to seek bankruptcy protection. The Bahamas-based institution and its founder, Sam Bankman-Fried, came nether probe by authorities and national authorities for allegedly investing depositors funds successful ventures without their approval.

Before its failure, FTX was known to usage high-profile Hollywood and sports celebrities to beforehand its products. It had the naming rights to a Formula One racing squad arsenic good arsenic a sports arena successful Miami. Its commercials featured “Seinfeld” creator Larry David, arsenic good arsenic Brady, the erstwhile backmost of the Tampa Bay Buccaneers and New England Patriots, hoops players O’Neal and Curry, and tennis prima Naomi Osaka.

Bankman-Fried was sentenced to 25 years successful situation successful March 2024. A small much than a period aft that, FTX said successful a tribunal filing that astir each of its customers would person the wealth backmost that they were owed.

While the projected colony with O'Neal had been agreed to successful April, the outgo magnitude and different presumption were disclosed successful a filing with the U.S. District Court, Southern District of Florida, Miami Division, earlier this week.

The colony people includes anyone who deposited funds into FTX oregon bought its FTT token betwixt May 2019 and precocious 2022.

The agreement, which inactive needs tribunal approval, would supply O'Neal with a wide merchandise from aboriginal claims and besides includes a stipulation that helium can't question reimbursement from the FTX estate.

The outgo volition beryllium made wrong 30 days of the colony being finalized, according to the filing.

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