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FTX investors team up with Sam Bankman-Fried to take down the celebrity who supported FTX

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FTX investors and clients have decided to drop their claims against former FTX CEO Sam Bankman-Fried in exchange for his help in taking legal action against celebrities who endorsed FTX. This comes after Bankman-Fried was sentenced to 25 years in prison for fraud related to FTX.

As part of the agreement, investors would drop all current and future claims against Bankman-Fried, and in return he would help take legal action against the celebrities who promoted FTX, which would result in financial losses for investors.

Details of SBF’s collaboration

Bankman-Fried’s cooperation includes providing non-privileged documents detailing his assets, investments in companies like Anthropic, and information about other defendants in the civil lawsuit.

The combined lawsuit, filed in federal court, involves a diverse group of defendants, including celebrities such as David Ortiz, Udonis Haslem, Orlando Bloom, Larry David, Katy Perry, Shaquille O’Neal, Gisele Bündchen and Tom Brady.

Potential recovery actions

The potential outcome of the settlement extends beyond the immediate resolution of claims against Bankman-Fried. If successful, the plaintiffs could recover significantly more than the settlements offered by the promoters involved in the pact, which total about $1.3 million.

A notable aspect of the settlement involves an agreement with Jacksonville Jaguars quarterback Trevor Lawrence, who was hired as an endorser for FTX in 2021. Lawrence’s involvement underlines the extent to which FTX leveraged celebrity endorsements to boost the visibility of its brand.

No answer!!!

Although representatives for a number of celebrities named in the lawsuit, including Bundchen, O’Neal and Brady, have yet to respond to requests for comment on the settlement, the outcome of the legal proceedings could have far-reaching consequences for both FTX and the individuals. concerned.

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