New court docket filings present that NBA legend Shaquille O’Neal will settle a lawsuit associated to the endorsement of defunct crypto alternate FTX for $1.8 million.
In keeping with latest court docket paperwork, the retired celebrity is settling a lawsuit the place he’s accused of selling FTX, which went bankrupt in 2022 after its chief government, Sam Bankman-Fried, was discovered to be mishandling billions of {dollars} value of buyer funds in addition to defrauding traders.
“This proposed settlement… outcomes from the large efforts of the events, with negotiations knowledgeable by earlier mediations and settlement agreements which have been reached on this motion.
Defendant O’Neal has agreed to supply $1,800,000 in financial aid in alternate for reaching this early settlement, which quantity can be paid inside 30 days after the efficient date of the settlement.”
Nevertheless, the settlement between the events continues to be pending approval from the court docket.
O’Neal and different marquee celebrities – similar to fellow NBA celebrity Stephen Curry, NFL quarterbacks Tom Brady and Trevor Lawrence, MLB pitcher Shohei Ohtani, Shark Tank investor Kevin O’Leary, and supermodel Gisele Bündchen – have been all accused of failing to carry out due diligence earlier than selling FTX in a category motion lawsuit filed in 2022.
O’Neal, who acquired $750,000 to endorse the crypto alternate, first agreed to a settlement in April, although the quantity on the time was undisclosed.
Bankman-Fried was discovered responsible of his crimes in 2023 and was sentenced to 25 years behind bars in 2024.
Comply with us on X, Fb and Telegram
Do not Miss a Beat – Subscribe to get electronic mail alerts delivered on to your inbox
Verify Worth Motion
Surf The Day by day Hodl Combine
 
Disclaimer: Opinions expressed at The Day by day Hodl aren’t funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual danger, and any losses you could incur are your duty. The Day by day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Day by day Hodl an funding advisor. Please word that The Day by day Hodl participates in affiliate marketing online.
Generated Picture: Midjourney