Quarterback Trevor Lawrence from the National Football League (NFL) and popular YouTubers Kevin Paffrath and Tom Nash have reportedly reached a settlement in a lawsuit related to alleged insufficient compensation disclosure in their promotions for the now-defunct cryptocurrency exchange FTX.
As reported by Bloomberg on September 16, these three prominent figures have entered into proposed settlement agreements; however, the specific terms of the settlements have not been disclosed.
Among the celebrities and influencers implicated in the class-action lawsuit, Lawrence, Paffrath, and Nash are said to be the first to have resolved their cases.
Notable individuals named as defendants in the class-action lawsuit include Tom Brady, Gisele Bündchen, Kevin O’Leary, Shaquille O’Neal, Naomi Osaka, and David Ortiz.
Additionally, Paffrath and Nash are part of a group of eight YouTubers accused of failing to adequately disclose their compensation. The other six individuals in this group are Graham Stephan, Andrei Jikh, Jaspreet Singh, Brian Jung, Jeremy Lefebvre, and Erika Kullberg.
The talent management agency responsible for FTX's promotion, Creators Agency, is also named as a defendant in the lawsuit.
A court filing on September 11 revealed that FTX is exploring options for recovering the millions of dollars it paid to celebrity athletes and sports teams for promoting the crypto exchange before its insolvency in November 2022.
According to the filing, Trevor Lawrence received $205,555, Shaquille O’Neal received approximately $750,000, and Kevin O’Leary received the highest fee of $2,348,338.
The class-action lawsuit, initially filed on March 15, alleged that the influencers failed to adequately disclose the true nature of their FTX promotions, which were essentially paid content rather than content arising from genuine interest.
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