The proposed resolution seeks to settle accusations that O’Neal misled investors by promoting the platform, which collapsed in 2022 amid a massive fraud scandal.
The settlement follows months of negotiations, including multiple rounds of mediation. As stated in the filing, O’Neal has agreed to provide monetary relief within 30 days of the agreement’s effective date—pending formal court approval.
“This proposed settlement… results from the tremendous efforts of the parties,” the filing notes, describing the process as informed by prior mediation outcomes involving related defendants.
FTX imploded in late 2022 after founder Sam Bankman-Fried was exposed for misappropriating billions in customer funds. He was later convicted on multiple counts of fraud and conspiracy, sparking a wave of lawsuits against celebrities and influencers who publicly endorsed the platform.
What’s Next
The court must now review and approve the settlement terms before it becomes official. If approved, it would bring an early resolution to O’Neal’s role in the broader legal fallout from FTX’s collapse—marking another high-profile case in the ongoing accountability push surrounding crypto endorsements.
🎶 “He’s got the moves like Shaq, but now he’s gotta pay the price for that FTX endorsement! 💰💸” 🎶
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2025-06-15 08:15