Former NBA player Shaquille O’Neal is set to pay $1.8 million to settle a class action lawsuit related to the collapse of cryptocurrency exchange FTX. The proposed settlement, agreed upon in April, pertains only to O’Neal and involves deposits made between May 2019 and late 2022.
FTX, once the third-largest cryptocurrency exchange, filed for bankruptcy protection due to billions of dollars worth of losses. Its founder, Sam Bankman-Fried, was sentenced to 25 years in prison in March 2024. In April, FTX announced that nearly all customers would receive their owed funds back.
O’Neal and other celebrities, including Tom Brady and Stephen Curry, faced a class action lawsuit for promoting FTX as a reputable investment option through paid endorsements. The proposed settlement provides O’Neal with a broad release from future claims and prohibits him from seeking reimbursement from the FTX estate. The payment will be made within 30 days of finalization.
Source: https://apnews.com/article/shaquille-oneal-ftx-crypto-brady-curry-b4d389dcf6010e484785e73266d7db75