Shaquille O'Neal Agrees to Pay $1.8 Million to Settle FTX Class-Action Suit
Shaquille O'Neal, the retired basketball star, agreed to pay $1.8 million to settle a class-action suit brought by customers of FTX, the collapsed cryptocurrency exchange, accusing him and other celebrities of illegally promoting the exchange.
The settlement, which was disclosed in a filing in the U.S. District Court for the Southern District of Florida this past week, signaled an imminent resolution for Mr. O'Neal in a case that had questioned the liability of celebrities and influencers who endorse cryptocurrencies and other risky financial products.
At the center of the dispute was FTX, the cryptocurrency exchange that suddenly collapsed in 2022, taking $8 billion in customer funds with it. Sam Bankman-Fried, a founder of the exchange, was convicted on charges of fraud, conspiracy and money laundering and sentenced to 25 years in prison.
The demise exposed the underbelly of the loosely regulated world of cryptocurrencies, and it devastated investors who in some cases experienced crippling financial losses. It also embroiled in legal action celebrities, influencers and venture capital firms that had endorsed the exchange, with FTX customers arguing that they had been deceived.
In 2022, a group of FTX customers sued Mr. O'Neal and a string of other high-profile actors and athletes for compensation. Mr. O'Neal's $1.8 million settlement, which the filing said was finalized in April, makes him one of several defendants who have settled the suit since it was filed. Trevor Lawrence, the football player, and popular content creators were among a group who agreed in 2024 to a settlement of about $1.3 million.
This settlement, which pertains only to Mr. O'Neal, still needs court approval.
Sunil Kavuri, an FTX customer who has said he lost his life savings of about $2 million, welcomed the news. 'Settling with Shaquille O'Neal helps bring closure to the darkest period of our lives,' he said on Saturday.
Other defendants, including Tom Brady, Gisele Bündchen, Larry David and Steph Curry, have argued for the claims to be dismissed. A judge dismissed some of the claims, which include conspiracy and deceptive practices, but allowed others to proceed.
In an interview in 2023 with Vanity Fair, Ms. Bündchen said that she had 'trusted the hype' and felt 'blindsided.'
The actions have not been limited to high-profile celebrities: Some YouTube influencers have also settled after FTX customers accused them of illegally promoting the exchange on their platforms.
Lawyers listed for Mr. O'Neal and for the FTX customers who brought the suit did not immediately respond to a request for comment on Saturday.
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