NBA legend Shaquille O’Neal has agreed to pay $1.8 million to settle a class-action lawsuit introduced by traders within the collapsed crypto change FTX, in accordance with a number of media studies this week.
The traders allege that O’Neal misled them by showing in adverts for the collapsed cryptocurrency change. The payout is about $1 million greater than the $750,000 O’Neal was reportedly paid for his function in an FTX business.
The previous basketball star was amongst a number of celebrities, together with Tom Brady and Larry David, who have been sued for selling the change earlier than its collapse in late 2022.
O’Neal has maintained that he was merely a paid actor within the advert, saying after the change’s collapse he was “only a paid spokesperson for a business.”
If the settlement is authorized, O’Neal will probably be launched from all future claims tied to the lawsuit. He won’t be allowed to hunt reimbursement from the FTX chapter property and won’t should admit any wrongdoing, in accordance with the CNBC report.
The lawsuit was filed on behalf of FTX customers who deposited funds between Could 2019 and late 2022, earlier than the corporate’s dramatic failure.
FTX’s founder, Sam Bankman-Fried, was sentenced to 25 years in jail for defrauding clients and traders. His sentence may very well be lower by over 4 years.
