A settlement has been reached between Shaquille O'Neal and a group of FTX investors, who alleged that the former basketball star contributed to the cryptocurrency exchange's fraudulent activities through his promotional efforts. The terms of the agreement, including the amount O'Neal will pay, have not been disclosed. The plaintiffs are seeking damages of up to $21 billion from O'Neal and other defendants, including former executives, insiders, and celebrity promoters.
O'Neal was among several high-profile figures named in the class-action lawsuit, alongside athletes such as Naomi Osaka, Steph Curry, and Tom Brady, as well as comedian Larry David and model Gisele Bundchen. While O'Neal is the first major defendant to settle this week, seven other celebrity promoters and former executives reached a settlement with investors in 2023, with payments totaling $1.4 million.
This is not O'Neal's first settlement related to a failed cryptocurrency project, as he and his associates previously agreed to pay $11 million to holders of non-fungible tokens (NFTs) from the Solana-based project Astral, which he founded and promoted.