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.
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.
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.
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.
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

The Independent

30 minutes ago

• The Independent

Texas governor vetoes bill that would ban all THC products

Texas Gov. Greg Abbott vetoed a bill Sunday to ban all THC consumables, allowing the booming market flush with THC-infused vapes, gummies and other products to continue to be sold across the state. Abbott, a Republican, waited until the final moment to veto the bill in what would have been one of the most restrictive THC bans in the country and a significant blow to the state's billion-dollar industry. The law would have made it a misdemeanor to own, manufacture or sell consumable THC, or tetrahydrocannabinol, products and was the latest push by states to regulate THC after a 2018 federal law allowed states to regulate hemp, a similar plant to marijuana that can be synthetically processed to produce THC, the compound giving marijuana its psychoactive properties. Loopholes in existing law have allowed many THC-infused goods to enter the market across the country, including states with strict marijuana laws. Texas has some of the strictest marijuana laws in the country, prohibiting all recreational use and providing a limited medical marijuana program. The consumables market has allowed residents to legally access goods giving a similar high to marijuana. Republican lawmakers have criticized the products as dangerous due to a lack of federal oversight in how the goods are manufactured. Texas' ban is one of the more far-reaching among states that have taken similar steps. Several states, including California, have imposed age limits and restrictions on the potency of THC products. Critics of the Texas bill say it allows people who cannot access marijuana through the state's medical marijuana program to acquire goods that can provide a similar relief. Many retailers across the state also pointed to the thousands of jobs and millions in revenue the industry brings each year. Last year, Florida Republican Gov. Ron DeSantis vetoed a bill that would have put age restrictions on THC consumables, claiming it would hurt small businesses. ___

BreakingNews.ie

35 minutes ago

• BreakingNews.ie

Ilkay Gundogan rues Manchester City's failure to score seventh against Al Ain

Ilkay Gundogan bemoaned Manchester City's failure to score seven after thrashing Abu Dhabi side Al Ain 6-0 at the Club World Cup. Veteran midfielder Gundogan struck twice as City secured their place in the last 16 with a comfortable victory in Atlanta but it was not enough to take them top of Group G. Advertisement Their performance lifted them level on points and goal difference with Juventus but it is the Italians who will have the slight edge – courtesy of goals scored – heading into Thursday's meeting between the two teams in Orlando. What a performance from Gundo! ✨ Your Man of the Match is @IlkayGuendogan 🩵 — Manchester City (@ManCity) June 23, 2025 City will now need to beat the Serie A outfit to ensure they avoid a clash with the winners of Real Madrid's group in the first knockout round. 'It felt like we needed the seventh at the end,' said Gundogan. 'We set that as our target at half-time but unfortunately we didn't start the second half good enough. We were a bit slow. 'It felt like it cost us at the end.' Advertisement Manager Pep Guardiola admitted Juve now hold an advantage over his side but played down its significance. Guardiola said: 'With one more goal we would have two options, but we only have one now. 'It would be better but the important thing is we are in the next phase. If you want to go through you have to face top, top teams so it does not matter. Mac City went off for 6️⃣ goals vs. Al Ain Watch the @FIFACWC | June 14 - July 13 | Every Game | Free | | #FIFACWC #TakeItToTheWorld — DAZN Football (@DAZNFootball) June 23, 2025 'We see Brazilian teams, European top-class teams. It is no big concern. Advertisement 'I like that we tried. We spoke at half-time of trying to score as many goals as possible. At the end we had chances to score more but that is fine. 'We played a little bit better than the first game, especially in the second half, but there are some things we have to improve.' Guardiola changed his entire XI following their 2-0 win over Wydad Casablanca on Wednesday. Gundogan opened the scoring with a cross-shot after eight minutes before teenager Claudio Echeverri struck from a free-kick and Erling Haaland tucked away a penalty. Advertisement Gundogan capped a fine move to grab the fourth after the break and substitutes Oscar Bobb and Rayan Cherki netted in the closing stages. Other near misses saw Josko Gvardiol head against the post and Phil Foden go close late on. Gundogan's performance, coming after reports linking him with Galatasaray, which were downplayed by Guardiola this week, was particularly eye-catching. Guardiola said of the 34-year-old: 'He's an exceptional player, exceptional in all senses. 'He's really, really good and made a fantastic goal. He reads what we have to do every game. I'm really pleased.' Advertisement

Reuters

an hour ago

• Reuters

Holcim completes spin-off of North American business

ZURICH, June 23 (Reuters) - Holcim (HOLN.S), opens new tab has completed the spin-off of its North American business, with shares in the separate business - called Amrize - set to start trading in Zurich and New York on Monday. Shareholders were given one Amrize share for every share in Holcim in the 100% spin-off of the business, which the Swiss cement maker said it was carrying out to focus on different market dynamics in North America and the rest of the world. Holcim will focus on Europe, Latin America, Australia and North Africa in future, while Amrize will operate in the United States and Canada. "This is an exciting moment for Holcim and Amrize as we begin a new chapter as independent companies," said Holcim CEO Miljan Gutovic. In March, Holcim said it would target average annual growth in earnings before interest and taxes of 6% to 10% by 2030, driven in part by mergers and acquisitions, as it unveiled its new strategy following the separation. Amrize, which had sales of $11.7 billion in 2024, is aiming to grow by 5-8% annually. It also wants to increase its core operating profit by 8-11% between 2025 and 2028 from $3.2 billion last year.