Settlement Reached in Lawsuit Over FTX Crypto Exchange Promotions by NFL Quarterback and YouTube Influencers
Summary:
NRL quarterback Trevor Lawrence and YouTube influencers Kevin Paffrath and Tom Nash have settled a lawsuit over inadequate compensation disclosure in their promotions for the now-defunct FTX crypto exchange. This marks the first settlement among high-profile celebrities in the class-action lawsuit. Other celebrities and influencers are also named in the lawsuit. FTX is now seeking to recover the funds paid to celebrity endorsers before the exchange's insolvency.
NRL quarterback Trevor Lawrence, YouTube influencers Kevin Paffrath, and Tom Nash have supposedly come to an agreement in a lawsuit regarding inadequate compensation disclosure in their promotions for the now-defunct FTX crypto exchange. The terms of the settlement were not disclosed, as per a Bloomberg report on September 16. This marks the first settlement among high-profile celebrities in the class-action lawsuit, which accuses numerous influencers and celebrities of promoting the crypto exchange without proper disclosures. Other notable defendants in the lawsuit include Tom Brady, Gisele Bündchen, Kevin O'Leary, Shaquille O'Neal, Naomi Osaka, and David Ortiz. Eight Youtubers and the talent management company, Creators Agency LLC, are also named in the lawsuit. In a court filing on September 11, it was revealed that FTX is exploring options to recover the millions of dollars paid to celebrity athletes and sports teams for promoting the exchange before it became insolvent in November 2022. The filing disclosed that Trevor Lawrence received $205,555 in payment, while Shaquille O'Neal received approximately $750,000. The class-action lawsuit was initially filed on March 15, claiming that the influencers failed to adequately disclose their paid content relationship with FTX, leading to misleading endorsements.
Published At
9/17/2023 6:07:53 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.