Shaquille O’Neal has reached a proposed settlement with investors who sued him for promoting the now-bankrupt cryptocurrency exchange FTX.
The terms remain confidential until a motion for preliminary approval is filed by the plaintiffs.
The class-action lawsuit, filed in November 2022, alleges that O’Neal’s participation in the “FTX: I Am All In” campaign helped mislead consumers into investing in the platform, which collapsed in late 2022.
Plaintiffs are seeking up to $21 billion in damages from a range of FTX promoters and insiders, including O’Neal.
Court papers at an NBA game
Legal proceedings around the former NBA star’s involvement drew attention last year when he was served court papers during a televised NBA playoff game in Miami’s Kaseya Center, formerly FTX Arena.
Prior efforts to serve him, including at his Texas residence and via digital means, were rejected or contested.
Judge K. Michael Moore, overseeing the case, had previously dismissed attempts at unconventional service, emphasizing the need for proper legal standards due to the case’s complexity and financial stakes.
O’Neal is one of several celebrities named in the broader lawsuit against FTX promoters, as investors continue to pursue compensation for losses tied to the platform’s failure.
