NBA star O'Neal reached a settlement with FTX lawsuit and accepted nearly $750,000 in promotion fees

Mars Finance News, on April 24, according to Cointelegraph, former NBA star Shaquille O'Neal has reached a settlement with investors who suffered losses from the FTX bankruptcy. Court documents show that the settlement amount is confidential, and specific terms will be disclosed after investors formally apply for preliminary court approval. O'Neal, along with other celebrities and athletes, was accused of promoting the now-bankrupt FTX trading platform, allegedly causing investor losses. On April 17, O'Neal was formally served with the FTX class-action lawsuit at his home, requiring him to appear in federal court and explain his involvement in FTX's "false advertising campaign". FTX had previously paid O'Neal nearly $750,000 in promotional fees, approximately $308,000 to tennis star Naomi Osaka, around $206,000 to Jacksonville Jaguars quarterback Trevor Lawrence, and about $271,000 to former Boston Red Sox player David Ortiz.