American football star Trevor Lawrence, along with two other celebrities, has reached a settlement in the FTX class-action lawsuit in which they were named. The terms of the settlement were not disclosed, as is often the case with confidential agreements. Lawrence was among the celebrities sued by investors of the bankrupt crypto exchange FTX for their involvement in promoting the exchange, which ultimately led to the CEO, Sam Bankman-Fried, defrauding investors. This type of lawsuit is not uncommon when it comes to celebrity endorsements of crypto projects, as investors argue that misleading statements made by these celebrities caused them financial losses.
Lawrence had previously signed a long-term deal with FTX’s crypto portfolio tracking app, Blockfolio, which included a significant signing bonus paid in cryptocurrency such as Bitcoin, Ethereum, and Solana. YouTube influencers Kevin Paffrath and Tom Nash, who were also named in the lawsuit, have agreed to settle as well. They were allegedly paid to promote the crypto exchange on their channels.
The plaintiffs’ lawyers stated in court filings that they are engaged in ongoing confidential settlement discussions with the other defendants and that more settlements are expected. Other celebrities named in the class-action suit include Tom Brady, Gisele Bundchen, Stephen Curry, Shaquille O’Neal, Naomi Osaka, Udonis Haslem, Larry David, and Kevin O’Leary.
In addition to the FTX class-action lawsuit, Lawrence is facing another lawsuit filed by FTX. The crypto exchange is seeking to recover promotional payments made to Lawrence and other celebrities, including Kevin O’Leary, Naomi Osaka, David Ortiz, and the Golden State Warriors basketball team. The filing also includes companies like GameStop, Fortune Media, and Coachella Music Festival, LLC. Notably, FTX is seeking to recover a substantial sum of $3,398,046, which was paid to secure the naming rights of the Miami Heat’s arena, which was later renamed following FTX’s collapse.
It is important to note that the content of this article is based on information from credible sources, including Bloomberg and NewsBTC, and the quotes provided are directly from those sources.
❗Follow us on Twitter to get all the latest crypto news as soon as they're out! 🚀
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
View J-S Tremblay website
