Shaquille O'Neal to pay $1.8 million to settle FTX class action lawsuit
Shaquille O'Neal
will pay $1.8 million to settle a class action lawsuit related to the demise of
cryptocurrency exchange
FTX.
O'Neal, and other celebrities like
Tom Brady
and
Stephen Curry
, were named in the lawsuit in 2022. They had been accused of touting FTX as a reputable and trustworthy investment option via paid endorsements. The proposed settlement only pertains to O'Neal.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Dog licks arent kisses. Heres what your dog really means when it licks you.
Cleverst
Undo
Three years ago FTX was the third-largest cryptocurrency exchange, but it ended up with billions of dollars worth of losses and had to seek bankruptcy protection. The Bahamas-based company and its founder, Sam Bankman-Fried, came under investigation by state and federal authorities for allegedly investing depositors funds in ventures without their approval.
Crypto Tracker
TOP COIN SETS
DeFi Tracker
3.18%
Buy
BTC 50 :: ETH 50
0.46%
Buy
Crypto Blue Chip - 5
-0.49%
Buy
Web3 Tracker
-7.67%
Buy
AI Tracker
-10.02%
Buy
TOP COINS
(₹)
BNB
55,941 (
-1.6%
)
Buy
Bitcoin
8,983,727 (
-2.33%
)
Buy
XRP
183 (
-4.68%
)
Buy
Ethereum
216,498 (
-8.36%
)
Buy
Solana
12,435 (
-9.3%
)
Buy
Before its failure, FTX was known to use high-profile Hollywood and sports celebrities to promote its products. It had the naming rights to a Formula One racing team as well as a sports arena in Miami. Its commercials featured "Seinfeld" creator Larry David, as well as Brady, the former quarterback of the Tampa Bay Buccaneers and New England Patriots, basketball players O'Neal and Curry, and tennis star Naomi Osaka.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View
Details
»
Bankman-Fried was sentenced to 25 years in prison in March 2024. A little more than a month after that, FTX said in a court filing that nearly all of its customers would receive the money back that they were owed.
Live Events
While the proposed settlement with O'Neal had been agreed to in April, the payment amount and other terms were disclosed in a filing with the U.S. District Court, Southern District of Florida, Miami Division, earlier this week.
The settlement class includes anyone who deposited funds into FTX or bought its FTT token between May 2019 and late 2022.
The agreement, which still needs court approval, would provide O'Neal with a broad release from future claims and also includes a stipulation that he can't seek reimbursement from the FTX estate.
The payment will be made within 30 days of the settlement being finalized, according to the filing.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
24 minutes ago
- Time of India
Thousands attend funeral of businessman Khemka; dy CM, Cong netas meet kin
1 2 Patna: Thousands of people, including businessmen from all over the state, participated in the funeral procession of businessman Gopal Khemka from his residence in Gandhi Maidan area to Gulbi Ghat in Patna, where he was cremated on Sunday. His younger son Gaurav Khemka, a doctor at IGIMS, lit the funeral pyre. The family of Khemka, who was shot dead late on Friday night, was waiting for his daughter to come to Patna for the cremation. His daughter Garima Khemka, who had flown down from Scotland, was inconsolable, and was seen breaking into tears, clinging to her father's body. Meanwhile, deputy CM Samrat Chowdhary visited Khemka's residence and met with the family. He said that the murder is a challenge for the govt and assured the family that the culprits will not be spared. Former state Congress president Akhilesh Singh also visited the family and demanded a special session of the assembly to discuss the rising crime in the state. Congress MP Rahul Gandhi also posted on social media regarding the murder of the businessman, stating, "BJP-Nitish have turned Bihar into a crime capital". by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like An engineer reveals: One simple trick to get internet without a subscription Techno Mag Learn More Undo Bihar Industries Association expressed condolences and concern over the murder of businessman Khemka. President K P S Keshri said that Khemka was a good human being and it is unlikely that he had any dispute or conflict with anyone. "The murder likely had an economic motive. Such an incident will directly impact the state's business and industrial environment," he said. Bihar Chamber of Commerce and Industries president Subhash Kumar Patwari remarked that a murder in a densely populated area like Gandhi Maidan is an open challenge to the police administration. "The chamber demands action against anti-social elements disrupting the state's environment and the arrest of those involved in the murder," he said.
Time of India
24 minutes ago
- Time of India
UAE rolls out new golden visa: Lifetime residency at Rs 23 lakh, India among first to benefit
NEW DELHI: In a major shift from its traditional investment-based residency model, the United Arab Emirates has introduced a new nomination-based Golden Visa, offering eligible Indians lifetime residency in the country by paying a one-time fee of AED 1,00,000 (approximately Rs 23.3 lakh), without the need to invest in property or business. Until now, Indian nationals were eligible for the UAE's coveted Golden Visa primarily through high-value investments, including a minimum AED 2 million (Rs 4.66 crore) in property. But under this new system, applicants can be nominated and approved based on their professional background, societal contributions, or potential benefits to UAE's sectors such as culture, trade, science, startups, or finance. The pilot phase of the initiative has been launched for India and Bangladesh, with over 5,000 Indian applicants expected in the first three months, according to officials involved in the process. Rayad Group, the consultancy firm selected to pilot the nomination-based Golden Visa in India, is leading the process in partnership with VFS and One Vasco centres across India and Bangladesh. Applications can also be submitted through the group's online portal and call centre. "This is a golden opportunity for Indians," said Rayad Kamal Ayub, Managing Director of Rayad Group. He explained that the vetting process includes anti-money laundering checks, criminal background verification, and social media screening. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Gold Is Surging in 2025 — Smart Traders Are Already In IC Markets Learn More Undo by Taboola by Taboola The final nomination decision rests with UAE government authorities. Approved visa holders can bring family members, employ staff, and engage in business or professional activities. Unlike property-based visas, which lapse upon property sale, the nomination-based Golden Visa is permanent. This initiative reflects the UAE's growing economic and strategic ties with India following the Comprehensive Economic Partnership Agreement (CEPA) signed in 2022. The program is expected to expand to other CEPA partner countries, including China, in later phases. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
News18
24 minutes ago
- News18
Birkenstock Cracks Down On Fakes In India, Agra Factories Raided: Report
Last Updated: The company's internal investigation reportedly found that fake versions of its popular sandals were being manufactured in rural areas near the tourist hub of Agra German footwear brand Birkenstock has launched a legal crackdown in India against suspected counterfeit sandals, leading court-appointed officials to inspect and raid several small factories, mostly around the city of Agra. The action comes after an infringement lawsuit filed by Birkenstock in May, according to people familiar with the matter told Reuters. The company's internal investigation reportedly found that fake versions of its popular sandals were being manufactured in rural areas near the tourist hub of Agra, home to the Taj Mahal, and sold both within India and overseas. The Delhi High Court is currently hearing the case. On May 26, Judge Saurabh Banerjee issued a confidential order, recently made public, appointing 10 local lawyers as court commissioners to carry out surprise inspections. These officials were given the authority to 'seize, pack and seal" products that allegedly copied Birkenstock's branding. The court order also included photographs of the suspected fake sandals and packaging submitted by the company. According to three sources familiar with the case, the raids have now been completed in Agra and New Delhi, and confidential reports have been submitted to the judge. The next hearing is scheduled for 6 October. Birkenstock, which did not comment on the case, is being represented by the Delhi-based law firm Lall & Sethi. The lawyers also declined to speak publicly, citing ongoing legal proceedings. In his order, the judge stated that the alleged fakes 'seem like a cheap knock off" and could easily mislead customers. 'The differences, hardly if any, are not something which can be discerned by the naked eye," he said. Birkenstock sandals, once associated with counterculture and worn by medical professionals and tech workers, gained renewed popularity after Margot Robbie wore a pink pair in the final scene of the 2023 film Barbie. In India, the brand's footwear ranges from $46 to $233. (With inputs from Reuters)
