Settlement Reached, Terms Still Confidential

According to court documents filed on April 23 in the U.S. District Court for the Southern District of Florida, O’Neal has officially settled with investors who allege financial damages due to his promotion of FTX. While the specific amount remains undisclosed, details may be released once preliminary court approval is requested.

O’Neal had been named alongside other celebrities in the lawsuit for allegedly misleading investors by promoting the now-defunct platform.

Massive $21 Billion Lawsuit Still Ongoing

This lawsuit is part of a broader multi-district litigation effort, in which investors are seeking up to $21 billion in damages from various FTX executives, consultants, and celebrity promoters. This figure far surpasses the approximately $9.2 billion identified in the FTX bankruptcy recovery plan.

Other high-profile individuals caught in the legal crossfire include Tom Brady, Gisele Bündchen, Kevin O’Leary, Naomi Osaka, and David Ortiz, among others.

Serving O’Neal Took Months

In the early stages of the case, legal teams struggled for months to deliver court papers to O’Neal. He was accused of actively avoiding service, leading attorneys to attempt creative approaches — including efforts during NBA games and visits to his homes.

Follows $11M Settlement in Astrals NFT Case

This settlement comes shortly after O’Neal agreed to pay $11 million to resolve another class-action lawsuit related to the Astrals NFT project, which operates on the Solana blockchain.

The lawsuit alleged that O’Neal’s promotion of the Astrals collection, which includes 10,000 unique NFTs, a metaverse called Astralworld, and a governance token named Galaxy, involved the marketing of unregistered securities.

After being served during a game in May 2023 at the Kaseya Center in Miami (formerly known as FTX Arena), O’Neal faced mounting legal pressure. In August 2024, a judge ruled he would need to defend himself against certain claims tied to the case.

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