FTX Founder Bankman-Fried Agrees to Settlement, Aids Legal Action Against Celebrities
In a significant turn of events, former FTX CEO Sam Bankman-Fried has agreed to a settlement with investors, providing crucial cooperation in ongoing lawsuits against high-profile celebrities. The settlement, pending court approval, could mark a pivotal moment in the extensive legal battles following the crypto exchangeâs colossal collapse.
Former Crypto Tycoon and Now Convicted Inmate Bankman-Fried Settles With Investors
Following his recent 25-year prison sentence for fraud, Sam Bankman-Friedâs cooperation is poised to be a key asset in the class action suit targeting celebrity endorsers of FTX, including David Ortiz, Udonis Haslem, Orlando Bloom, Larry David, Katy Perry, Shaquille OâNeal, Gisele BĂŒndchen, and Tom Brady.
As detailed in court documents first reported on by Bloomberg, the agreement necessitates that Bankman-Fried deliver all non-privileged information regarding his assets and investments. This cooperation aims to bolster the plaintiffâs case against the slew of celebrities who allegedly promoted the crypto exchangeâs unregistered securities.
The potential impact of this settlement is profound, with plaintiffs hoping to recover significant losses from these famous people incurred from the FTX debacle. Legal representatives for the celebrities involved have yet to respond, highlighting the ongoing uncertainty and high stakes of the litigation.
Under the terms of the deal, Bankman-Fried is set to reveal substantial financial information and contribute to the wider initiative to bring to justice those associated with FTXâs marketing strategies. This development comes after Bankman-Fried submitted an appeal against his conviction and sentence to the New York Court of Appeals. Should the agreement be accepted, it would absolve the crypto exchangeâs co-founder of any liability claims.
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