Former basketball player Shaquille O’Neal reported that he concluded the case filed for supporting FTX with a compromise. The case was among a group of cases, including FTX’s founder Sam Bankman-Fried because of misuse of customer funds and included similar famous names. The process came up with criticism that the promotional activities of celebrities were not sufficiently examined.
FTX -related cases
The collective lawsuit filed by Edwin Garrison of Oklahoma in 2022 includes allegations that the relevant celebrities have made misleading practices. The investigation initiated on FTX’s inability to manage user funds well, the founder of FTX and many well -known athletes and investors took part in the case. The case is seen in the US Florida Regional Court and the reconciliation process between the parties continues.
In the joint agreement declaration submitted to the court, although Shaquille O’neal has received $ 750,000 for advertising, it was not given details about the amount of compromise. The exact amount of the compromise was not announced and the agreement was reported to be approved by the court. The parties said that the future legal obligations will be taken into consideration in the process.
Related explanations
Among the defendant celebrities are Shaquille O’Neal, as well as other well -known athletes. Former NFL game founder Tom Brady, model Gisele Bündchen, NBA player Stephen Curry, MLB baseball player Shohei Ohtani, NFL player Trevor Lawrence and investor Kevin O’leary were among the defendants. These names were criticized for allegations that FTX was not sufficient research during the support of advertising campaigns.
The collapse of the platform as a result of the abuse of customer funds of Sam Bankman-Fried, FTX’s founder, is at the center of the case. While the inadequacies in the relevant financial transactions and risk management issues were claimed, the case process was the subject of the examination of regulatory institutions. The basis of the case is the responsibility of the promotional activities of celebrities.
The reconciliation between the parties will be finalized after the process is submitted to the judicial approval. The solution to the reconciliation aims to eliminate the legal disputes between the parties in the future. This step described during the court process is considered to be an example for similar cases.
The agreement of the defendants to the agreement and the fact that the process is being carried out in confidentiality reveals the complexity of the case process. These developments prepare the ground for the re -discussion of legal obligations for celebrities promotional activities. In the following process, it is expected that the legal practices that should be considered in similar situations will be emphasized.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
