New court filings show that NBA legend Shaquille O’Neal will settle a lawsuit related to the endorsement of defunct crypto exchange FTX for $1.8 million.
According to recent court documents, the retired superstar is settling a lawsuit where he’s accused of promoting FTX, which went bankrupt in 2022 after its chief executive, Sam Bankman-Fried, was found to be mishandling billions of dollars worth of customer funds as well as defrauding investors.
“This proposed settlement… results from the tremendous efforts of the parties, with negotiations informed by previous mediations and settlement agreements which were reached in this action.
Defendant O’Neal has agreed to provide $1,800,000 in monetary relief in exchange for reaching this early settlement, which amount will be paid within 30 days after the effective date of the settlement.”
However, the agreement between the parties is still pending approval from the court.
O’Neal and other marquee celebrities – such as fellow NBA superstar Stephen Curry, NFL quarterbacks Tom Brady and Trevor Lawrence, MLB pitcher Shohei Ohtani, Shark Tank investor Kevin O’Leary, and supermodel Gisele Bündchen – were all accused of failing to perform due diligence before promoting FTX in a class action lawsuit filed in 2022.
O’Neal, who received $750,000 to endorse the crypto exchange, first agreed to a settlement in April, though the amount at the time was undisclosed.
Bankman-Fried was found guilty of his crimes in 2023 and was sentenced to 25 years behind bars in 2024.
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