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Prominent figures, including NFL quarterback Trevor Lawrence and YouTube personalities Kevin Paffrath and Tom Nash, have recently come to a settlement in a legal dispute related to the former cryptocurrency platform, FTX. The specifics of the agreement have not been made public.
The legal battle revolves around accusations of undisclosed payments made to these influencers for promoting FTX before its financial downfall in November 2022. Lawrence, Paffrath, and Nash are the first among many celebrities and influencers to settle from this class-action suit.
There are other notable figures named in the lawsuit such as Shaquille O’Neal, Kevin O’Leary, Tom Brady, Gisele Bündchen, Naomi Osaka, and David Ortiz. Apart from Paffrath and Nash, six other YouTubers have faced accusations over the non-disclosure of their payments. These include Jaspreet Singh, Jeremy Lefebvre, Brian Jung, Graham Stephan, Andrei Jikh, and Erika Kullberg.
Documents from the court, dated September 11, indicate FTX's contemplation over methods to recover the vast sums of money paid to celebrities and sports teams for their promotional efforts prior to the company's financial crisis. As per the court records, Trevor Lawrence pocketed $205,555 for his promotional activities, while Shaquille O’Neal received around $750,000. Kevin O’Leary was the highest earner, securing a payment of $2,348,338.
The lawsuit, lodged on March 15, accused the influencers of not revealing the true essence of their promotional content for FTX. Instead of genuine endorsements, they allegedly presented paid advertisements without proper disclosure. The lawsuit stated that even though FTX compensated the defendants generously for promoting its services and persuading their followers to invest, they did not clearly communicate their sponsorship details or the amounts they received.
