Shaquille O'Neal to pay $1.8 million to settle FTX class action lawsuit

Former NBA player
Shaquille O'Neal
will pay $1.8 million to settle a class action lawsuit related to the demise of
cryptocurrency exchange
FTX.
O'Neal, and other celebrities like
Tom Brady
and
Stephen Curry
, were named in the lawsuit in 2022. They had been accused of touting FTX as a reputable and trustworthy investment option via paid endorsements. The proposed settlement only pertains to O'Neal.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Dog licks arent kisses. Heres what your dog really means when it licks you.
Cleverst
Undo
Three years ago FTX was the third-largest cryptocurrency exchange, but it ended up with billions of dollars worth of losses and had to seek bankruptcy protection. The Bahamas-based company and its founder, Sam Bankman-Fried, came under investigation by state and federal authorities for allegedly investing depositors funds in ventures without their approval.
Crypto Tracker
TOP COIN SETS
DeFi Tracker
3.18%
Buy
BTC 50 :: ETH 50
0.46%
Buy
Crypto Blue Chip - 5
-0.49%
Buy
Web3 Tracker
-7.67%
Buy
AI Tracker
-10.02%
Buy
TOP COINS
(₹)
BNB
55,941 (
-1.6%
)
Buy
Bitcoin
8,983,727 (
-2.33%
)
Buy
XRP
183 (
-4.68%
)
Buy
Ethereum
216,498 (
-8.36%
)
Buy
Solana
12,435 (
-9.3%
)
Buy
Before its failure, FTX was known to use high-profile Hollywood and sports celebrities to promote its products. It had the naming rights to a Formula One racing team as well as a sports arena in Miami. Its commercials featured "Seinfeld" creator Larry David, as well as Brady, the former quarterback of the Tampa Bay Buccaneers and New England Patriots, basketball players O'Neal and Curry, and tennis star Naomi Osaka.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View
Details
»
Bankman-Fried was sentenced to 25 years in prison in March 2024. A little more than a month after that, FTX said in a court filing that nearly all of its customers would receive the money back that they were owed.
Live Events
While the proposed settlement with O'Neal had been agreed to in April, the payment amount and other terms were disclosed in a filing with the U.S. District Court, Southern District of Florida, Miami Division, earlier this week.
The settlement class includes anyone who deposited funds into FTX or bought its FTT token between May 2019 and late 2022.
The agreement, which still needs court approval, would provide O'Neal with a broad release from future claims and also includes a stipulation that he can't seek reimbursement from the FTX estate.
The payment will be made within 30 days of the settlement being finalized, according to the filing.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Business Standard

24 minutes ago

• Business Standard

Warburg in talks to sell 10% stake in SBI General to Premji Invest, SBI

Premji Invest and New York-based Warburg Pincus agreed to buy 16.01 per cent and 9.99 per cent of SBI General Insurance, respectively, in 2019 from Insurance Australia Group Ltd Bloomberg By Baiju Kalesh and Manuel Baigorri Warburg Pincus is in talks with Premji Invest and State Bank of India about selling them its stake of about 10 per cent in SBI General Insurance Co., according to people familiar with the matter. The firm is finalizing details of an agreement with Premji Invest — the family office of Wipro Ltd. founder Azim Premji — and State Bank of India, the people said, asking not to be identified because the talks are private. A transaction could value SBI General Insurance at as much as $4.5 billion, the people said. Discussions are ongoing and no final decision has been made, the people said. Warburg Pincus declined to comment. Premji Invest and State Bank of India didn't respond to requests for comment. Premji Invest and New York-based Warburg Pincus agreed to buy 16.01 per cent and 9.99 per cent of SBI General Insurance, respectively, in 2019 from Insurance Australia Group Ltd. in a transaction that was completed in 2020. Based in Mumbai, SBI General Insurance was established in 2009 and offers non-life insurance products including health, motoring, home and travel, according to its website. State Bank of India owns around 70 per cent in the company.

Time of India

29 minutes ago

• Time of India

Watch: Rishi Sunak explains how following Dharma helped him become first Hindu UK PM

In a rare joint address that felt more like a fireside conversation than a commencement speech, former UK Prime Minister Rishi Sunak and his wife, investor-philanthropist Akshata Murthy, took the stage at Stanford's Graduate School of Business (GSB) to reflect on leadership, life, and the Eastern values that have guided them through power, politics, and parenthood. But it was one ancient Sanskrit word— Dharma —that became the philosophical cornerstone of their address to the Class of 2025. 'It's a concept known in Sanskrit as Dharma,' Sunak explained. 'The idea that we should gain our fulfilment from simply doing our personal duty, rather than from any rewards that may come with our efforts.' It was not just an abstract idea. Sunak revealed that Dharma was the principle that guided his decision to step into the chaos of British politics in 2022—after losing the Conservative Party leadership race, only to return weeks later as Prime Minister following Liz Truss's resignation and a market meltdown. 'At that point,' Sunak recalled, 'a purely ambitious politician would have sat out the impossible situation. But Akshata reminded me: my Dharma was clear.' That invocation of duty over ambition—a far cry from the usual Machiavellian fare of Westminster—drew warm applause from the GSB audience. For a school known for producing Silicon Valley unicorns and global CEOs, the speech was a gentle, unexpected reorientation: success isn't just about spreadsheets, scalability, and shareholder value. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trading CFD dengan Teknologi dan Kecepatan Lebih Baik IC Markets Mendaftar Undo Sometimes, it's about doing the right thing, even when it costs you. A Love Story in the Schwab Courtyard The speech was also deeply personal. Akshata and Rishi, both graduates of Stanford GSB's Class of 2006, met during their time on campus. 'This is literally where we met,' Murthy told the audience. 'In the Schwab courtyard, to be precise.' Their anecdotes—him in 'seriously uncool' cargo shorts, her dragging him along on runs—were a charming counterpoint to their more weighty themes. But even those early conversations, they said, were seeded with discussions about leadership, values, and Dharma. 'We started talking about this idea without knowing it,' Murthy said. 'At Arbuckle Café over breakfast… and whether 11am was too early for some ice cream for Rishi.' From Omicron to Om Sunak drew on his COVID-era experience as Chancellor of the Exchequer to drive home a broader point: while data was critical, instinct—rooted in values—was what made the difference. 'I used to find comfort in the idea that data could always provide a certain answer,' Sunak said. 'But Akshata helped me see that data can't look around corners. It can't make the decision for you.' It was a lesson, he said, that helped him resist pressure for a second national lockdown in late 2021, when the Omicron variant emerged. While the experts were divided, Sunak trusted his intuition—and ultimately, his duty to protect not just lives, but livelihoods. Dharma for the Next Generation The concept of Dharma wasn't just for prime ministers. Murthy extended it to young people, particularly through initiatives like Lessons at 10 and The Richmond Project, both aimed at increasing youth numeracy and life skills across the UK. 'Successes and failures are part of the package that comes with leadership,' she said. 'Dharma isn't just relevant in public service… it gives you the resilience and clarity to overcome whatever's thrown at you without losing your way. ' The GSB audience—diverse, ambitious, and often torn between idealism and practicality—was urged to embrace the same principle. Not to obsess over outcomes, but to anchor themselves in purpose. 'If you want to lead,' said Sunak, 'it's not a question of data or intuition. You've got to get comfortable with both.' An Indian Ethos in Global Power Data, Dreams and Dharma: Stanford GSB Commencement Speech 2025 That both Sunak and Murthy come from families steeped in Indian values added an additional layer to the message. As the daughter of Infosys founder Narayana Murthy, and as Britain's first Indian-origin prime minister, they embodied a fusion of East and West, Silicon Valley and Westminster, tradition and modernity. In invoking Dharma, they weren't just quoting a Sanskrit term—they were redefining global leadership with it. For a generation of graduates who will face climate breakdowns, AI disruption, political upheavals and moral dilemmas far more complex than case studies can capture, the message resonated: Don't just optimise. Do your duty. Whether it's in public service, entrepreneurship, or social impact, the world, they said, needs more leaders shaped not just by capital markets—but by Dharma. As the applause rang out and the tassels turned, Rishi and Akshata Murthy left the GSB stage not as power couple or policy wonks, but as philosopher-guides—reminding the next generation that greatness isn't just built on ambition or data, but something older, deeper, and infinitely more enduring. A sense of duty. Or as the Bhagavad Gita would put it: 'Karmanye vadhikaraste ma phaleshu kadachana' — 'You have the right to perform your duty, but not to the fruits of your actions.' That, perhaps, is the ultimate graduation gift.

Time of India

30 minutes ago

• Time of India

Georgian opposition leader jailed amid crackdown

AI- Generated Image TBILISI: A court in Georgia on Monday sentenced a prominent opposition leader to eight months in prison, in the latest case critics say is part of a mounting crackdown on dissent. Georgia has been in political turmoil since the ruling Georgian Dream party won parliamentary elections last October. Its results were disputed by the opposition and sparked mass protests which only intensified after the government shelved EU membership talks. Demonstrators accuse the ruling party of sliding into authoritarianism and steering the country closer to Moscow -- accusations the government denies. Mamuka Khazaradze, leader of the opposition Lelo party and a staunch government critic, was sentenced by a Tbilisi court to eight months in prison and barred from holding public office for two years. He was convicted of refusing to testify before a parliamentary commission investigating alleged abuses under jailed ex-president Mikheil Saakashvili. Saakashvili has been sentenced to more than a decade in prison on various charges, which rights groups have denounced as politically motivated. Khazaradze, who boycotted the trial, condemned the case as a "political witch hunt," accusing the government of "using its repressive machinery to silence and break the opposition." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 마지막으로 2025년 최고의 좀비 게임을 무료로 즐기세요 경복의 바다 플레이하기 Undo "Terror in Georgia: the government is intensifying its repressions," former president and opposition leader Salome Zurabishvili said after the verdict. Khazaradze's jailing comes amid a wave of arrests and prosecutions targeting opposition figures and rights activists. Another Lelo leader, Badri Japaridze, is due in court later Monday. Earlier this month, courts ordered the pre-trial detention of three more opposition leaders on similar charges. They have refused to cooperate with the parliamentary inquiry, denouncing it as illegitimate and a tool to outlaw dissent. Ahead of last year's disputed elections, Georgian Dream announced plan to ban all major opposition parties.