Crypto
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- Shaquille O’Neal has reached a confidential settlement with investors in the FTX class action
- The agreement stems from his role as a celebrity promoter of the now-bankrupt crypto exchange
- Plaintiffs will seek preliminary court approval of the settlement in a forthcoming motion
Shaquille O’Neal has become the latest celebrity defendant to settle with investors who sued over the collapse of crypto exchange FTX. In a filing on April 23, 2025, both parties confirmed they had reached a confidential resolution and would submit the deal for court approval. The settlement is part of the broader multi-district litigation targeting promoters and insiders of FTX.
Crypto O’Neal Accused of Misleading Investors
Shaquille O’Neal was one of several high-profile figures—including Tom Brady and Larry David—accused of misleading investors by promoting FTX’s services. Plaintiffs alleged that these celebrity endorsements contributed to the perception that FTX was a trustworthy platform. The platform’s sudden collapse in late 2022, which wiped out billions in customer funds, triggered a wave of lawsuits across the United States.
O’Neal had initially avoided service for months before finally being served in April 2023 outside a Miami Heat playoff game. His attorneys have consistently denied any wrongdoing, arguing he was merely a paid spokesperson with no involvement in FTX’s operations.
Crypto Settlement Terms Kept Confidential
In a joint filing submitted to Judge K. Michael Moore of the U.S. District Court for the Southern District of Florida, attorneys for the plaintiffs and O’Neal announced that they had signed a Class-Action Settlement Agreement on April 1, 2025. “The Parties are pleased to inform the Court they have reached an amicable proposed resolution,” the filing reads. It also notes that the terms will remain confidential until a motion for preliminary approval is filed.
According to the filing, plaintiffs will file a formal motion to obtain preliminary approval of the settlement. Once submitted, the court will review the agreement to ensure it meets fairness standards for class-action resolutions. If approved, it could mark a significant step in winding down one of the most high-profile crypto-related lawsuits in U.S. history.
The settlement resolves claims in Garrison v. Bankman-Fried, one of the lead cas
