Overview

• O’Neal agreed to pay $1.8 million to resolve a class-action suit alleging he misled investors by promoting FTX without admitting wrongdoing.
• The settlement covers legal fees, investor compensation and includes a broad release from future liability while barring reimbursement from the FTX bankruptcy estate.
• He was paid roughly $750,000 to endorse FTX, resulting in a net loss of about $1.05 million after the settlement.
• High-profile endorsers such as Tom Brady, Gisele Bündchen and Steph Curry still face lawsuits accusing them of promoting unregistered securities for FTX.
• The FTX collapse has spurred the SEC and FTC to intensify oversight of undisclosed paid celebrity crypto endorsements.