NBA legend Shaquille O'Neal has reached a settlement in a class action lawsuit accusing him of participating in the sale of unregistered securities related to FTX. The case gained prominence following the firm's collapse in 2022.
Circumstances of the Case
According to court documents filed on April 23 in the Southern District of Florida, the plaintiffs, mostly investors, allege that FTX misled them about its financial stability and operations. O'Neal and the plaintiffs have reached a proposed settlement and will soon submit a formal request for the court's approval.
O'Neal's Participation in FTX
O'Neal was involved in promoting FTX, appearing in an advertisement where he stated he was 'all in' on the exchange, although he later claimed he did not understand crypto. According to documents, the former athlete was paid nearly $750,000 for his advertising efforts. The specific terms of the settlement remain confidential as requested in the filing.
Other Celebrities Implicated in FTX Fallout
Shaquille O'Neal is not the only celebrity facing legal challenges following FTX's demise. Other notable figures include NFL quarterback Tom Brady, his ex-wife Gisele Bundchen, tennis star Naomi Osaka, and investor Kevin O'Leary. These celebrities have also reached undisclosed settlements in related lawsuits.
O'Neal's settlement underscores the ongoing legal ramifications of the FTX crisis for various public figures, drawing attention to celebrities' responsibilities in promotional and investment activities.
