Sentenced to 25 years in prison, FTX founder Sam Bankman-Fried (SBF) has signed a settlement agreement with a group of exchange clients to help prosecute the company's famous promoters.
In return, the affected investors will drop the class action against SBF.
The document has not yet been approved by the court. If approved, the settlement agreement will release Bankman-Fried from both current and future civil liability related to the collapse of FTX.
The essence of the deal is that the ex-CEO of FTX will provide the plaintiffs' lawyers with information, including documents and testimony, to make claims against celebrities and venture capital firms promoting the exchange.
SBF also agreed to hand over financial data, including personal balance sheets of its remaining assets and a list of investment transactions.
https://forklog.com/exclusive/zhadnost-i-bezrassudstvo-pochemu-krah-ftx-sravnivayut-s-krizisom-2008-godaBankman-Freed's former colleagues Caroline Ellison, Nishad Singh and Gary Wang and Dan Friedberg have already signed similar settlement agreements.
Several celebrity promoters affiliated with the case, including Andrei Jiha, Graham Stefan, Jaspreet Singh, Tom Nash, Brian Young and Jeremy Lefevre, settled the claims by contributing a total of $1.4 million to a fund to finance future FTX-related lawsuits.
However, most famous influencers like Tom Brady, Stephen Curry, Shaquille O'Neal, Naomi Osaka, Shohei Otani, as well as supermodel Gisele Bundchen intend to defend their innocence in court.
In November 2023, during a live broadcast of an NBA match, O'Neill received a subpoena for promoting FTX. Before that, the basketball player had already received a notification about the exchange case, but the star's lawyers disputed the complaint.
Recall that in April 2024, SBF lawyers filed an appeal against the court's verdict. He intends to appeal all seven counts of money laundering, fraud and conspiracy.