Shaquille O’Neal Settles FTX Lawsuit for $1.8 Million
Shaquille O’Neal will pay $1.8 million to settle a class-action lawsuit from investors of the collapsed crypto exchange FTX. Key points include:
- The lawsuit claims O’Neal misled investors by participating in FTX ads.
- The settlement exceeds the $750,000 he received for his advertising role.
- O’Neal is among celebrities like Tom Brady and Larry David sued for promoting FTX prior to its collapse in late 2022.
- He maintains he was merely a paid spokesperson.
- If approved, the settlement releases him from future claims without admitting wrongdoing.
- The lawsuit covers FTX users who deposited funds from May 2019 to late 2022.
FTX's founder, Sam Bankman-Fried, received a 25-year prison sentence for defrauding customers, which may be reduced by over four years.