00:00There'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.
00:10Shaquille O'Neal has agreed to pay $1.8 million to settle an investor lawsuit, which claims he misled them about the company.
00:18Other celebrities like Tom Brady and Stephen Curry also backed FTX, but they saw their cases dismissed.
00:24O'Neal, however, had gone to great lengths to avoid being served with the lawsuit.
00:30Shaq's settlement, if approved, would cover legal fees and other costs associated with the lawsuit.
00:35It would also absolve him from any future liability, as well as bar him from seeking reimbursement from FTX.
00:41Once at the top of the crypto world, FTX's reign came to a crashing halt due to widespread fraud.
00:47Founder and CEO Sam Bankman-Fried was sentenced in March 2024 to 25 years in federal prison for fraud and theft
00:55after spiraling his $32 billion empire into bankruptcy.
01:00That'll do it for your daily briefing from the New York Stock Exchange.
