Shaquille O'Neal, the retired NBA Hall of Famer, has agreed to pay $1.8 million in a Florida federal court to settle claims related to his endorsement of the cryptocurrency exchange FTX. O'Neal, now an analyst on TNT’s Inside the NBA, reached the settlement without admitting wrongdoing, effectively ending a class-action lawsuit against him. He had been accused of misleading investors by promoting FTX as a legitimate investment platform.
The settlement, which is pending court approval, would resolve all claims against O'Neal but prevent him from seeking reimbursement from the FTX bankruptcy estate. The legal dispute originates from the rise and collapse of FTX, founded by Sam Bankman-Fried in 2019, which collapsed in 2022, leading to billions in investor losses. Several celebrities had invested millions in the exchange, including "Seinfeld" creator Larry David, NFL Hall of Famer Tom Brady, and NBA champion Stephen Curry. Major firms such as Sequoia, SoftBank, and Tiger Global also made significant investments.
Bankman-Fried was sentenced to 25 years in prison in 2024.
O'Neal was initially named in the class-action lawsuit, which alleged that FTX’s endorsers "either controlled, promoted, assisted in, [or] actively participated" in a scheme to aggressively market the company, according to various reports. In 2022, O'Neal defended his role, stating, "I was just a paid spokesperson for a commercial."
One of the most recognizable figures in professional sports, O'Neal retired from the NBA in 2011 after 19 seasons, playing for multiple teams and winning four championships. Since retiring, he has been a key part of TNT’s broadcast team, recently signing a $15 million-per-year contract, according to Front Office Sports.
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