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 alternate previously led by Sam Bankman-Fried.
The settlement will value Shaq round $1 million greater than he obtained paid for the FTX industrial within the first place, which was reportedly around $750,000.
RELATED: From Tom Brady to Kevin O’Leary – See Who Lost Big in the Wake of the FTX Crypto Collapse
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 industrial, not giving monetary recommendation.
“Lots of people suppose I am concerned, however I used to be only a paid spokesperson for a industrial,” O’Neal stated on the time.
O’Neal allegedly dodged process servers for months however was served with authorized paperwork in April 2023.
If accepted by the decide 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, totally resolving all claims with out O’Neal having to confess any wrongdoing. It additionally bans him from looking for reimbursement from the FTX property, per CNBC.
RELATED: Sam Bankman-Fried Sentenced to 25 Years in Prison for Multibillion-Dollar Crypto Fraud
Bankman-Fried is at the moment serving a 25-year jail sentence for seven counts of fraud and conspiracy associated to the FTX collapse.
Business Insider reports he could also be launched 4 years early for good habits.
