Former NBA star O'Neal reaches class action settlement with FTX investors, settlement amount not disclosed

Odaily News According to documents filed on April 23 in the U.S. District Court for the Southern District of Florida, former NBA star Shaquille O'Neal has reached a class action settlement with investors who suffered losses from the collapse of FTX. The settlement amount is currently confidential and is expected to be disclosed after investors formally apply for preliminary court approval. O'Neal is one of several celebrities who have been sued for promoting FTX, with investors accusing these endorsers of fueling the exchange's fraud. The lawsuit is part of a number of class action lawsuits involving FTX insiders, consultants, and endorsers, with investors seeking up to $21 billion in damages, far exceeding the $9.2 billion in funds available in bankruptcy proceedings. Previously, O'Neal also reached an $11 million settlement in a class action lawsuit involving Astrals, an NFT project on the Solana chain in which he was involved. (Decrypt)