NBA Corridor of Famer (and prolific franchise proprietor) Shaquille O’Neal will pay $1.8 million to settle claims from buyers that he misled them into investing in FTX, the bankrupt and notorious crypto change previously led by Sam Bankman-Fried.
The settlement will price Shaq round $1 million greater than he bought paid for the FTX business within the first place, which was reportedly round $750,000.
After being named in a class-action lawsuit in December 2022 alongside different celebrities who starred in FTX promotions, together with Tom Brady and Larry David, O’Neal advised CNBC that he was simply performing in a business, not giving monetary recommendation.
“Lots of people suppose I am concerned, however I used to be only a paid spokesperson for a business,” O’Neal stated on the time.
O’Neal allegedly dodged course of servers for months however was served with authorized paperwork in April 2023.
If authorized by the choose overseeing the case, the settlement would formally finish the category motion lawsuit, which was filed by FTX buyers who deposited cash between Could 2019 and late 2022, and launch him from future legal responsibility on this matter, absolutely resolving all claims with out O’Neal having to confess any wrongdoing. It additionally bans him from in search of reimbursement from the FTX property, per CNBC.
RELATED: Sam Bankman-Fried Sentenced to 25 Years in Jail for Multibillion-Greenback Crypto Fraud
Bankman-Fried is at present serving a 25-year jail sentence for seven counts of fraud and conspiracy associated to the FTX collapse.
Enterprise Insider experiences he could also be launched 4 years early for good habits.
