A federal judge has ruled that basketball legend Shaquille O’Neal must remain a defendant in a class action lawsuit alleging the sale of unregistered securities through the Astrals NFT project he promoted. This decision underscores the escalating legal risks for celebrities endorsing cryptocurrency ventures and could establish critical precedents for how regulators and courts handle similar cases involving high-profile promoters in the volatile digital asset space.
about Shaq Must Face NFT Lawsuit as Judge Rules on Unregistered SecuritiesTom Brady
0 posts last weekFed Policy Risks, Milei’s Austerity Test & UK Growth Bets
Former Treasury Secretary Lawrence Summers warns the Federal Reserve’s current monetary policy may be excessively loose given financial conditions, heightening inflation risks. Simultaneously, Argentine President Javier Milei’s radical austerity agenda faces a critical test following an electoral setback that threatens his economic overhaul plans. Meanwhile, US investors including Tom Brady are making unconventional bets on Birmingham as the UK’s next growth engine, bypassing traditional financial hubs like London.
about Fed Policy Risks, Milei's Austerity Test & UK Growth BetsFenwick & West Seeks Dismissal in FTX Fraud Lawsuit
Fenwick & West is seeking dismissal of a lawsuit that accuses the firm of playing a key role in FTX’s collapse, arguing it had no knowledge of the fraud and merely provided standard legal services. The lawsuit, filed in 2023, includes numerous defendants such as Binance, celebrities, and sports figures. Fenwick contends that the allegations mirror those previously dismissed against another FTX advisor, Sullivan & Cromwell, and that plaintiffs have failed to prove any awareness of wrongdoing. The motion follows FTX’s 2022 bankruptcy, which revealed misuse of client funds and resulted in prison sentences for executives including Sam Bankman-Fried.
about Fenwick & West Seeks Dismissal in FTX Fraud LawsuitShaq Faces Lawsuit Over Astrals NFT Promotion
A federal judge ruled that Shaquille O’Neal must remain a defendant in a class-action lawsuit tied to the Astrals NFT project, which plaintiffs claim involved unregistered securities. The Solana-based venture, featuring metaverse avatars and a DAO, collapsed after FTX’s downfall, with O’Neal accused of abandoning the project despite public assurances. While the court dismissed claims labeling him a ‘control person,’ it upheld his liability as a ‘seller’ for soliciting purchases. This case reflects growing regulatory scrutiny on celebrity crypto endorsements, following similar actions against figures like Kim Kardashian. The outcome could set a precedent for future litigation involving high-profile crypto promotions.
about Shaq Faces Lawsuit Over Astrals NFT Promotion