FTX investors and customers have decided to drop claims against former FTX CEO Sam Bankman Fried in exchange for cooperation in legal action against high-profile figures who supported FTX. This comes after Bankman Fried was sentenced to 25 years in prison for fraud related to FTX.
As part of the agreement, the investors were to drop all current and future claims against Bankman Freed, and in return, Bankman Freed promoted FTX, which caused financial loss to the investors. It will support legal action against celebrities.
SBF cooperation details
Bankman Freed’s cooperation includes providing non-privileged documents detailing his assets, investments in companies such as Anthropic, and information about other defendants in the civil suit.
The collective lawsuit, filed in federal court, includes a diverse group of celebrities including David Ortiz, Udonis Haslem, Orlando Bloom, Larry David, Katy Perry, Shaquille O’Neal, Gisele Bündchen and Tom Brady. A group of defendants are involved.
possibility of recovery
The potential consequences of the settlement extend beyond the immediate resolution of claims against Bankman Freed. If successful, the plaintiffs could recover far more than the settlement offered by the promoters involved in the deal, which totaled about $1.3 million.
One notable aspect of the settlement involves an agreement with Jacksonville Jaguars quarterback Trevor Lawrence, who was hired as an FTX endorser in 2021. Lawrence’s involvement highlights the extent to which FTX has leveraged celebrity endorsements to increase brand awareness.
no response! ! !
Representatives for some of the celebrities named in the lawsuit, including Mr. Bündchen, Mr. O’Neal and Mr. Brady, have not yet responded to requests for comment on the settlement, but the outcome of the proceedings will have far-reaching implications for both FTX and the individuals themselves. may have a significant impact. Involved.
