A group of investors agreed to settle a civil lawsuit against former FTX CEO Sam Bankman-Fried in exchange for his cooperation in cases against celebrities who promoted the platform.
In documents filed Friday, the investors asked a Miami court to approve the settlement, and Bankman-Fried is among them, including basketball player Shaquille O’Neal, businesswoman Gisele Bündchen, soccer star Tom Brady and businessman Kevin O’Leary.
The document was signed by Bankman-Fried, who was recently sentenced to 25 years in prison, and class action co-counsel Adam Moskowitz. Bloomberg First reported news.
According to the settlement document, Class Counsel recognizes that Defendants are currently incarcerated and face significant limitations on what they can do, and that under those circumstances, Defendants must make reasonable efforts to cooperate:
Requested documents
The investors want Bankman-Fried to turn over financial statements showing what assets it owns, “non-privileged documents in its possession relating to its investment in Anthropic PBC” and “non-privileged information” related to the company’s listing. People including the law firm Sullivan & Cromwell and associated celebrities.
FTX Spending millions In marketing and advertising, we have signed deals with celebrities and organizations such as the MLB and NBA Miami Heat franchises.
The exchange subsequently collapsed in 2022, leaving investors with $8 billion in losses.
Bankman-Fried was discovered. feeling guilty In November, a New York jury found FTX guilty of all seven counts of defrauding its customers, lenders and investors. he was sentenced At a hearing last month, he was sentenced to up to 25 years in prison.
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About the author
Sarah is a reporter for The Block covering policy, regulation and legal events. She was previously a reporter writing about securities regulation at CQ Legal, where she first began her reporting on cryptocurrencies. She Sarah has also written for The Bond Buyer and American Banker, among other financial publications. She graduated from the University of Missouri with a degree in Print and Digital Journalism. Sarah lives in Washington, DC and she is an avid coffee lover. You can follow her on Twitter @ForTheWynn.