June 13, 2025
Traders within the cryptocurrency firm sued the previous basketball participant for his function in endorsing the platform
NBA Corridor of Famer Shaquille O’Neal has agreed to settle a lawsuit in opposition to him for his involvement within the now-bankrupt cryptocurrency firm FTX.
In line with Fortune, the retired Los Angeles Lakers legend has settled the swimsuit for $1.8 million for his function in selling the failed firm.
The corporate went bankrupt in 2022 after Founder Sam Bankman-Fried was accused of investing cash in ventures with out buyers’ approval. For his function within the firm shedding billions of {dollars}, he was sentenced to 25 years in jail in March 2024.
Traders sued Shaq and different celeb buyers like former NFL quarterback Tom Brady, NBA celebrity Stephen Curry, and tennis phenom Naomi Osaka, amongst others, who endorsed the platform.
After being sued, Shaq said he was solely a celeb getting used for an advert.
“I’ve nothing to cover. If I used to be closely concerned, I’d be on the forefront saying, ‘Hey.’ However I used to be only a paid spokesperson,” Shaquille O’Neal stated in December 2022.
The settlement occurred in April however wasn’t publicized till the settlement was disclosed in a submitting with the U.S. District Courtroom, Southern District of Florida, Miami Division, earlier this week. The settlement must be accredited by the courtroom earlier than it could possibly be finalized. The settlement would enable Shaq to not be held answerable for future claims and in addition features a stipulation that the TNT analyst can’t search reimbursement from the FTX property.
After the courts approve the settlement, the fee will probably be made inside 30 days.
The settlement solely covers Shaq’s involvement as the opposite celebrities are usually not included within the settlement. No particulars have been launched relating to any settlements, if any from the opposite principals named within the lawsuit.
Shaq has admitted to no wrongdoings pertaining to his function in being a paid spokesperson for FTX.
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