The former NBA superstar wasn’t as lucky as other former backers like Tom Brady and Stephen Curry.
Transcript:
Caroline Woods: There’s been more fallout from the collapse of former crypto powerhouse FTX – and this time it involves one of the most recognizable names in sports. Shaquille O’Neal has agreed to pay $1.8 million to settle an investor lawsuit which claims he misled them about the company.
Other celebrities like Tom Brady and Stephen Curry also backed FTX, but they saw their cases dismissed. O’Neal, however, had gone to great lengths to avoid being served with the lawsuit. Shaq’s settlement, if approved, would cover legal fees, and other costs associated with the lawsuit. It would also absolve him from any future liability, as well as bar him from seeking reimbursement from FTX.
Once at the top of the crypto world, FTX’s reign came to a crashing halt due to widespread fraud. Founder and CEO Sam Bankman-Fried was sentenced in March 2024 to 25-years in federal prison for fraud and theft, after spiraling his $32 billion empire into bankruptcy.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Caroline Woods with TheStreet.
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