Former NBA star O'Neal agrees to pay $11 million to settle NFT lawsuit
court documents show that former NBA star Shaquille O'Neal has signed a settlement agreement related to his Astrals NFT project and Galaxy tokens launched in March 2022. The settlement amount will be used to pay plaintiff attorney fees and compensation to NFT and token buyers.
Previously, a federal court in Florida filed a class action lawsuit against O'Neal, accusing him of promoting unregistered securities on social media. The SEC has previously made securities-related charges against three NFT projects, including Impact Theory, Stoner Cats, and Flyfish Club. The settlement agreement is still pending final approval by the judge.
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