NBA legend Shaquille O’Neal has settled a lawsuit that arose from his endorsement of the failed crypto exchange FTX.
The former professional basketball player is among the co-defendants in a case against FTX founder Sam Bankman-Fried, who is now behind bars for misappropriating over $8 billion in customer funds that led to the collapse of the exchange.
The class action complaint filed by Oklahoma resident Edwin Garrison in 2022 accused the celebrities and athletes who promoted FTX of engaging in deceptive practices and failing to perform due diligence prior to promoting the now-defunct trading platform.
The other defendants named in the case also include retired NFL quarterback Tom Brady and his ex-wife, model Gisele Bündchen, NBA player Stephen Curry, MLB pitcher Shohei Ohtani, NFL quarterback Trevor Lawrence and Shark Tank star and investor Kevin O’Leary.
O’Neal, who court documents indicate received nearly $750,000 for endorsing FTX, is now close to resolving the case.
In a joint notice of settlement agreement filed on April 23rd, the counsels representing O’Neal and the plaintiffs inform the U.S. District Court, Southern District of Florida, that the two parties have agreed to an amicable resolution of the suit.
The filing did not disclose the settlement amount, and the agreement is still subject to court approval.
“Pursuant to the Class-Action Settlement Agreement the Parties executed on April 1, 2025, the terms of the agreement will remain confidential until Plaintiffs file a motion seeking preliminary approval of the settlement.”
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