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5h ago

Shaquille O’Neal to Pay $1.8 Million in FTX Endorsement Settlement

Pending court approval, the deal would end O’Neal’s liability for his paid promotion of the failed cryptocurrency exchange

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Overview

  • Shaquille O’Neal agreed to pay $1.8 million to resolve claims that he misled investors by appearing in ads for FTX, pending court approval.
  • The settlement exceeds his reported $750,000 fee for the commercial by about $1 million and does not require him to admit wrongdoing.
  • Under the proposed deal, he would be released from all future claims related to his FTX promotion and barred from seeking reimbursement from the exchange’s bankruptcy estate.
  • The lawsuit covers FTX users who deposited funds between May 2019 and late 2022, alleging that celebrity endorsements promoted unregistered securities.
  • Other high-profile endorsers, including Tom Brady, Steph Curry and Larry David, remain defendants facing similar litigation over their FTX promotions.