NBA legend Shaquille O’Neal has agreed to pay $1.8 million to settle a class action lawsuit over his promotion of the now defunct crypto exchange FTX.
The proposed settlement agreement would resolve the case against the former basketball player, who was one of several celebrities and notable figures sued in the wake of FTX’s collapse.
“The FTX collapse—the rapid unravelling of one of the world’s biggest scams—is certainly one of recent history’s greatest financial disasters,” the filing reads. “For over two years, Plaintiffs and MDL Counsel have worked tirelessly to efficiently litigate these claims to benefit all FTX Victims.”
O’Neal joined forces with FTX in 2022, becoming an ambassador for the crypto exchange just months before it collapsed and filed for bankruptcy.
Numerous other celebrities also served as FTX ambassadors and were named in the lawsuit alongside O’Neal, including NFL player Tom Brady, model Gisele Bundchen, television personality and investor Kevin O’Leary, NBA star Steph Curry, baseball player Shohei Ohtani, tennis star Naomi Osaka and comedian Larry David.
The lawsuit alleged the celebrities “hyped FTX to their social media fans, driving retail consumer adoption” of the crypto exchange.
FTX’s sudden collapse in November 2022 brought scrutiny on the company that ultimately saw its former CEO and founder Sam Bankman-Fried convicted on federal fraud and conspiracy charges. He was sentenced to 25 years in prison last year.
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