Source: Cointelegraph
Original: “Former NBA Star Shaquille O'Neal Reaches Settlement with FTX, Terms Remain Confidential”
According to documents from the U.S. District Court for the Southern District of Florida dated April 23, NBA legend Shaquille O'Neal has reached a settlement with investors who claimed to have suffered losses in the collapse of the cryptocurrency exchange FTX.
Court documents indicate that the settlement amount remains confidential, and specific terms will be disclosed after the investors formally request preliminary approval from the court.
O'Neal, along with other celebrities and athletes, has been accused of promoting FTX and has been charged with causing losses to investors due to his endorsement of the now-bankrupt exchange.
This case is part of a larger multi-district lawsuit in which investors are seeking up to $21 billion in damages from FTX insiders, advisors, and endorsers, far exceeding the $9.2 billion that can be obtained through bankruptcy proceedings.
Other celebrities embroiled in similar legal disputes due to their involvement in promoting FTX include NFL quarterback Tom Brady, supermodel Gisele Bündchen, billionaire investor Kevin O'Leary, former NBA players Udonis Haslem and David Ortiz, and tennis player Naomi Osaka.
Notably, in the early stages of the lawsuit, FTX investors encountered difficulties in serving legal documents to O'Neal.
The legal team representing the victims stated that after multiple unsuccessful attempts to serve legal documents, O'Neal "has been evading the lawsuit." Reports indicate that the legal team spent months trying to contact the NBA legend, even employing some innovative methods, including attempting to deliver legal documents during NBA games and at his residence.
As O'Neal reaches a settlement with FTX investors, he recently also agreed to pay $11 million to resolve a class-action lawsuit related to his involvement in the Solana-based Astrals NFT project.
In May 2023, O'Neal received legal documents for the Astral NFT lawsuit during an NBA game at the Kaseya Center in Miami (formerly the FTX arena). This class-action lawsuit involves his promotion of the Astrals NFT project, accusing O'Neal of promoting NFTs that are considered unregistered securities.
In August 2024, a federal judge in Miami ruled that O'Neal must defend against certain allegations made against him in the case.
Astrals is a Solana-based project that includes 10,000 NFTs, a metaverse called Astralworld, and a decentralized autonomous organization (DAO) that governs a token called Galaxy.
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