Shaquille O’Neal reaches settlement in FTX lawsuit, terms remain secret

Shaquille O’Neal has settled with investors who assertion losses from the illness of cryptocurrency speech FTX, according to an April 23 filing successful the US District Court for the Southern District of Florida.

The colony magnitude remains confidential, with presumption expected to beryllium disclosed erstwhile investors formally petition preliminary tribunal approval, according to tribunal documents.

O’Neal and different celebrities and athletes were accused of promoting FTX and allegedly contributing to capitalist losses by endorsing the now-bankrupt exchange.

Source: Court Listener

The lawsuit is portion of a broader multidistrict litigation effort, wherever investors are seeking up to $21 cardinal successful damages from FTX insiders, advisers and promoters — acold exceeding the $9.2 cardinal disposable done bankruptcy proceedings.

Other celebrities embroiled successful akin ineligible troubles for their relation successful FTX see NFL backmost Tom Brady, supermodel Gisele Bündchen, billionaire capitalist Kevin O’Leary, Golden State Warriors, Udonis Haslem, David Ortiz, Naomi Osaka and others. 

Notably, FTX investors faced challenges successful serving O’Neal with ineligible papers during the aboriginal stages of the suit implicit his promotion of the collapsed exchange.

Related: FTX erstwhile execs and promoters to settee class-action suit for $1.3M

O’Neal finalizes $11 cardinal colony implicit Astrals NFT project

The colony with FTX investors comes arsenic O’Neal recently agreed to wage $11 million to resoluteness a class-action suit tied to his engagement successful the Solana-based Astrals NFT project.

In May 2023, O’Neal was served with the Astral NFT lawsuit during an NBA crippled astatine Miami’s Kaseya Center, formerly the FTX Arena. The class-action suit progressive his promotion of the Astrals NFT project, alleging that the NFTs promoted by O’Neal were unregistered securities.

In August 2024, a Miami national tribunal justice ruled that O’Neal would request to defend immoderate of the claims brought against him successful the case. 

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