by Cedric ‘BIG CED’ Thornton
June 13, 2025
Traders within the cryptocurrency firm sued the previous basketball participant for his function in endorsing the platform
NBA Corridor of Famer Shaquille O’Neal has agreed to settle a lawsuit towards him for his involvement within the now-bankrupt cryptocurrency firm FTX.
In line with Fortune, the retired Los Angeles Lakers legend has settled the go well with for $1.8 million for his function in selling the failed firm.
The corporate went bankrupt in 2022 after Founder Sam Bankman-Fried was accused of investing cash in ventures with out traders’ approval. For his function within the firm shedding billions of {dollars}, he was sentenced to 25 years in jail in March 2024.
Traders sued Shaq and different superstar traders like former NFL quarterback Tom Brady, NBA celebrity Stephen Curry, and tennis phenom Naomi Osaka, amongst others, who endorsed the platform.
After being sued, Shaq acknowledged he was solely a star getting used for an advert.
“I’ve nothing to cover. If I used to be closely concerned, I might be on the forefront saying, ‘Hey.’ However I used to be only a paid spokesperson,” Shaquille O’Neal mentioned in December 2022.
The settlement befell in April however wasn’t publicized till the settlement was disclosed in a submitting with the U.S. District Court docket, Southern District of Florida, Miami Division, earlier this week. The settlement must be authorized by the court docket earlier than it may very well be finalized. The settlement would enable Shaq to not be held answerable for future claims and in addition features a stipulation that the TNT analyst can’t search reimbursement from the FTX property.
After the courts approve the settlement, the fee might be made inside 30 days.
The settlement solely covers Shaq’s involvement as the opposite celebrities usually are not included within the settlement. No particulars have been launched relating to any settlements, if any from the opposite principals named within the lawsuit.
Shaq has admitted to no wrongdoings pertaining to his function in being a paid spokesperson for FTX.
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