Shaquille ONeal reaches settlement in FTX lawsuit
- ONeal was among several high-profile celebrities and athletes accused of endorsing FTX.
- Other celebrities named in similar legal actions include NFL quarterback Tom Brady, supermodel Gisele Bündchen.
- This is ONeals second high-profile crypto-related settlement in recent months.
Shaquille ONeal has reached a confidential settlement with investors who alleged losses tied to the collapse of cryptocurrency exchange FTX, according to an April 23 filing in the US District Court for the Southern District of Florida.
The terms of the agreement remain confidential, with specific details expected to be disclosed once plaintiffs file for preliminary court approval.
ONeal was among several high-profile celebrities and athletes accused of endorsing FTX and allegedly contributing to investor losses through promotional activity prior to the exchanges bankruptcy.
The lawsuit is part of a broader multidistrict litigation seeking up to $21 billion in damages from FTX insiders, advisers, and promotersan amount that far exceeds the $9.2 billion expected to be available through the ongoing bankruptcy process.
Celebrity promoters under scrutiny
Other celebrities named in similar legal actions include NFL quarterback Tom Brady, supermodel Gisele Bündchen, investor Kevin OLeary, former NBA player Udonis Haslem, baseball legend David Ortiz, and tennis star Naomi Osaka.
All were accused of lending credibility to FTX in promotional campaigns, allegedly misleading retail investors.
ONeal initially drew headlines in the case for evading service of legal documents, with plaintiffs attorneys accusing him of running from the lawsuit.
Legal teams reportedly spent months attempting to serve him, even attempting delivery during NBA broadcasts and at his residences.
Settlement follows NFT legal resolution
This is ONeals second high-profile crypto-related settlement in recent months.
He recently agreed to pay $11 million to resolve a class-action lawsuit concerning his role in promoting the Astrals NFT project, a Solana-based initiative featuring 10,000 NFTs, a metaverse called Astralworld, and a governance token known as Galaxy.
That lawsuit alleged the NFTs were unregistered securities and that ONeal misled investors through his endorsements.
He was served in that case during a May 2023 NBA playoff game at Miamis Kaseya Centerformerly named FTX Arena.
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