NBA Hall of Famer Shaquille O'Neal has agreed to pay $1.8 million to settle allegations from investors that he misled them about investing in FTX, a now-defunct crypto exchange. O'Neal insists he was solely a paid spokesman for FTX commercials, denying any financial advisement responsibility. This settlement, which exceeds the initial $750,000 he received for the commercial, would conclude a class-action lawsuit and free him from further liabilities, provided a judge approves it. It coincides with the conviction of FTX's former leader, Sam Bankman-Fried.
O'Neal indicated that despite being named in the lawsuit, he was merely a paid spokesperson for FTX and did not provide financial advice.
The settlement aims to resolve all claims against O'Neal without him admitting wrongdoing, thus fully releasing him from future liability.
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