Shaquille O’Neal Lawsuit Settlement Proposal Filed for Approval

Background of the Lawsuit

A legal battle involving Shaquille O’Neal may be coming to an end as a proposed settlement has been filed in court.

Former NBA star Shaquille O’Neal was embroiled in a class action lawsuit related to the Astrals Project, which he co-founded with Brian Bayati and his son Myles O’Neal. The lawsuit, filed in a Florida federal court, alleged that the project’s NFT tokens were unregistered, breaching securities laws.

Details of the Lawsuit

Allegations and O’Neal’s Response

Plaintiff Daniel Harper, who suffered financial losses from purchasing Astrals tokens, criticized O’Neal for promoting the project without addressing regulatory concerns. O’Neal, however, maintained that he was merely a paid spokesperson and not heavily involved in the project’s operations.

Settlement Proposal

Resolution in Sight

Recently, a proposed settlement of $11 million has been put forward by the plaintiffs to resolve the lawsuit against O’Neal and the companies behind Astrals. The settlement, now pending judicial approval, signifies a step towards closing this legal chapter.

Attorney Adam Moskowitz praised O’Neal for stepping up to assist victims of crypto-related bankruptcies, emphasizing the importance of such resolutions in the cryptocurrency space.