Former NBA Player Shaquille O'Neal Agrees to $1.8 Million Settlement in FTX Promotion Lawsuit
Summary
- Shaquille O'Neal has reportedly agreed to pay $1.8 million in a settlement related to the promotion lawsuit of the bankrupt FTX exchange.
- The settlement was reached on the condition that O'Neal does not admit legal liability and includes clauses blocking further lawsuits or compensation.
- O'Neal appeared as an advertisement model for FTX, but investors claimed he misled them by describing it as a trustworthy investment platform.
Former NBA star Shaquille O'Neal has agreed to pay $1.8 million in a settlement related to a lawsuit over promoting the now-bankrupt cryptocurrency exchange FTX.
On the 16th (KST), CryptoDenise reported that O'Neal, the day before, agreed to pay a settlement of $1.8 million to FTX investors who filed the lawsuit, allowing him to avoid further litigation. The settlement was reached under the condition that O'Neal does not admit any legal liability, and reportedly includes a clause preventing any further compensation claims in the future.
Previously, in 2021, O'Neal appeared in an FTX television commercial, endorsing the exchange as a trustworthy investment platform. As a result, FTX investors claimed O'Neal misled investors through his appearance in the commercial.
Meanwhile, O'Neal has recently maintained regarding his FTX endorsements that "he was merely a paid advertisement model."
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