Image Source: X
[Saba Sports News] Shaquille O’Neal is moving on from his involvement in the FTX controversy.
The NBA Hall of Famer has agreed to pay $1.8 million to settle a class-action lawsuit stemming from the collapse of the cryptocurrency exchange FTX, according to Michelle Chapman of the Associated Press. The settlement, which O’Neal agreed to back in April, does not include any admission of wrongdoing.
Details of the agreement were made public this week in a filing with a U.S. District Court in Miami. If approved, O’Neal would make the payment within 30 days in exchange for a broad release from future claims related to the lawsuit. The terms also prohibit him from seeking reimbursement from the FTX estate.
O’Neal was among several celebrities — including Tom Brady and Steph Curry — who endorsed FTX before its dramatic downfall in 2022. Once a global crypto giant, FTX filed for bankruptcy after allegedly mismanaging $8 billion in customer funds. Its founder, Sam Bankman-Fried, has since been sentenced to 25 years in prison for fraud and related crimes.
O’Neal, who faced scrutiny for allegedly dodging service of the lawsuit for months, was eventually served at an NBA playoff game in 2023 while working with TNT. With this settlement, pending court approval, he’s expected to put the high-profile legal drama behind him.