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Shaquille O’Neal reaches settlement in FTX lawsuit, terms remain secret

Shaquille O’Neal has settled with investors who claim losses from the collapse of cryptocurrency exchange FTX, according to an April 23 filing in the US District Court for the Southern District of Florida.

The settlement amount remains confidential, with terms expected to be disclosed after investors formally request preliminary court approval, according to court documents.

O’Neal and other celebrities and athletes were accused of promoting FTX and allegedly contributing to investor losses by endorsing the now-bankrupt exchange.

Shaquille O’Neal reaches settlement in FTX lawsuit, terms remain secret
Source: Court Listener

The case is part of a broader multidistrict litigation effort, where investors are seeking up to $21 billion in damages from FTX insiders, advisers and promoters, far exceeding the $9.2 billion available through bankruptcy proceedings.

Other celebrities embroiled in similar legal troubles for their roles in FTX include NFL quarterback Tom Brady, supermodel Gisele Bündchen, billionaire investor Kevin O’Leary, former NBA player Udonis Haslem, David Ortiz, Naomi Osaka and others. 

Notably, FTX investors faced challenges in serving O’Neal with legal papers during the early stages of the lawsuit over his promotion of the collapsed exchange.

Lawyers representing the victims described O’Neal as “running from the lawsuit,” after multiple failed attempts to deliver court documents. Legal teams reportedly spent months trying to reach the NBA legend, resorting to creative methods, including attempting service during NBA games and at his residences.

Related: FTX former execs and promoters to settle class-action lawsuit for $1.3M

O’Neal finalizes $11 million settlement over Astrals NFT project

The settlement with FTX investors comes as O’Neal recently agreed to pay $11 million to resolve a class-action lawsuit tied to his involvement in the Solana-based Astrals NFT project.

In May 2023, O’Neal was served with the Astral NFT lawsuit during an NBA game at Miami’s Kaseya Center, formerly the FTX Arena. The class-action lawsuit involved his promotion of the Astrals NFT project, alleging that the NFTs promoted by O’Neal were unregistered securities.

In August 2024, a Miami federal court judge ruled that O’Neal would need to defend some of the claims brought against him in the case. 

Astrals is a Solana-based project featuring 10,000 NFTs, a metaverse called Astralworld and a decentralized autonomous organization (DAO) with a governance token called Galaxy.

Magazine: Ethereum maxis should become ‘assholes’ to win TradFi tokenization race

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MPs want Mandelson back in Britain to face questions over Epstein ties

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MPs want Mandelson back in Britain to face questions over Epstein ties

MPs are demanding Peter Mandelson appears on British soil to give evidence on his relationship with paedophile Jeffrey Epstein.

But there is frustration within parliament at Lord Mandelson’s ability to avoid scrutiny, as Sir Keir Starmer faces mounting pressure to sack him as ambassador to the US over his links to the deceased billionaire.

It comes after it emerged the Labour peer, who has said he wishes he had never met Epstein, had written him a 2003 birthday note in which he described him as his “best pal”.

According to reports in Bloomberg and The Sun, he also sent Epstein messages of support while he was being investigated for sex offences, telling him he was “following you closely and here whenever you need”.

Politics Hub: Follow the latest from Westminster

Sky News has learned that the powerful Foreign Affairs Select Committee of MPs made a request to hear from Lord Mandelson after he was appointed by Sir Keir last year, but this was blocked by the Foreign Office.

Lord Mandelson‘s status as a member of the House of Lords means the committee cannot force him to appear before them. People overseas can also not be compelled to give evidence.

Committees have the power to summon people to give evidence and find them in contempt of parliament if they do not comply.

Lord Mandelson’s failure to appear adds to the controversy around a lack of government transparency sparked by the decision to not let national security adviser Jonathan Powell give evidence to the Joint Committee on the National Security Strategy.

Mike Tapp, the Home Office minister, told Sky News that it is “important we have full answers” on Lord Mandelson’s relationship with Epstein.

Asked if he should face the scrutiny of parliamentary committees, Mr Tapp said: “What is important to me, and I’m really clear on this, is we do have the full answers on this.

“But Sir Keir Starmer has been clear yesterday in the House that all of the answers are there.”

Conservative MP and FAC member Aphra Brandreth is the only person on the committee to publicly call for Lord Mandelson to give them evidence on the ambassador’s links to Epstein.

Sky News understands that others on the committee are keen for Lord Mandelson to speak to them, but have decided not to go public. As the committee make-up mirrors that of parliament, most members are Labour MPs.

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Beth’s breakdown: PM grilled over Mandelson

Read more on Mandelson:
Starmer backs his ambassador
What was his relationship with Epstein?
The disconnect between his claims and letters to Epstein

Ms Brandreth said in a statement: “At a time of huge instability around the globe, it’s vital that the UK’s ambassador to the US is focused completely on his job

“As a member of the Foreign Affairs Committee, I would welcome the opportunity to question Lord Mandelson on his ability to carry out his duties to the UK.”

She shared a letter written by fellow Tory MP and former Foreign Affairs Select Committee chair Alicia Kearns.

In the letter, Ms Kearns called on current chair Dame Emily Thornberry to summon Lord Mandelson, question him and put the concerns of MPs to him.

Ms Kearns also wants to know what questions Dame Emily has asked the Foreign Office since the appointment of Lord Mandelson, and to find out “how substantial” his relationship with Epstein was.

Ms Kearns told Sky News: “Months and months have passed with no action from the chair of the Foreign Affairs Committee, instead, there has been an unsettling silence from her on all things Mandelson.

“I would have summoned Mandelson long ago, it’s the chair’s duty to get the answers parliament deserves. It’s all too evident Thornberry has long been focused on her next role, not the one she’s been elected and paid to do.”

In January, Dame Emily raised Lord Mandelson’s appointment with Foreign Office minister Stephen Doughty.

She said the appointment was “inspired” – before asking the minister and government to “allow Lord Mandelson the time to come before my committee before he leaves for the United States”.

Mr Doughty said: “I am sure that we will consider any request that my right honourable friend makes in due course in the normal way in which we consider requests from her committee.”

The FCDO has been approached for comment.

Sky News’ deputy political editor Sam Coates reports that the lead civil servant in the Foreign Office, Ollie Robbins, has written to Lord Mandelson to ask a series of questions.

These questions include: When did you last meet Jeffrey Epstein before he took his own life? When did you last accept hospitality? What were your last business dealings with?

It is not known if Lord Mandelson will respond.

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Will Lord Mandelson have to be replaced in US?

Meanwhile, Labour MPs Andy McDonald, Bell Ribeiro-Addy and Kim Johnson have called for Sir Keir to sack Lord Mandelson.

The SNP’s Westminster leader, Stephen Flynn, also urged the prime minister to remove Lord Mandelson without further delay – warning his “reputation is now on the line”.

But a source within diplomatic circles who has known Lord Mandelson told Sky News correspondent Rhiannon Mills they believe the US ambassador “can ride it out”.

“Unless there is worse to come, if he can stomach the attention, he can ride it out. In the UK residence in Washington, with its grounds and security, it is easy to hide away,” the source said.

“The most important part of Mandelson’s role as ambassador is his relationship with the US administration, they will not be the least bit fussed about this. They have bigger problems.

“This isn’t going to be a big story in the States as the focus is on Trump and dozens of other prominent American figures. The US press have lots of other fish to chase”.

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MPs want Mandelson back in Britain to face questions over Epstein relationship

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MPs want Mandelson back in Britain to face questions over Epstein ties

MPs are demanding Peter Mandelson appears on British soil to give evidence on his relationship with paedophile Jeffrey Epstein.

But there is frustration within parliament at Lord Mandelson’s ability to avoid scrutiny, as Sir Keir Starmer faces mounting pressure to sack him as ambassador to the US over his links to the deceased billionaire.

It comes after it emerged the Labour peer – who has said he wishes he’d never met Epstein – had written him a 2003 birthday note in which he described him as his “best pal”.

According to reports in Bloomberg and The Sun, he also sent Epstein messages of support while he was being investigated for sex offences, telling him he was “following you closely and here whenever you need”.

Politics Hub: Follow the latest from Westminster

Sky News has learned that the powerful Foreign Affairs Select Committee of MPs made a request to hear from Lord Mandelson after he was appointed by Sir Keir last year, but this was blocked by the Foreign Office.

Lord Mandelson‘s status as a member of the House of Lords means the committee cannot force him to appear before them. People overseas can also not be compelled to give evidence.

Committees have the power to summon people to give evidence, and find them in contempt of parliament if they do not comply.

Lord Mandelson’s failure to appear adds to the controversy around a lack of government transparency sparked by the decision to not let national security adviser Jonathan Powell give evidence to the Joint Committee on the National Security Strategy.

Conservative MP and FAC member Aphra Brandreth is the only person on the committee to publicly call for Lord Mandelson to give them evidence on the ambassador’s links to Epstein.

Sky News understands that others on the committee are keen for Lord Mandelson to speak to them but have decided to not go public. As the committee make-up mirrors that of parliament, most members are Labour MPs.

Please use Chrome browser for a more accessible video player

Beth’s breakdown: PM grilled over Mandelson

Read more on Mandelson:
Starmer backs his ambassador
What was his relationship with Epstein?
The disconnect between his claims and letters to Epstein

Ms Brandreth said in a statement: “At a time of huge instability around the globe, it’s vital that the UK’s ambassador to the US is focused completely on his job

“As a member of the Foreign Affairs Committee I would welcome the opportunity to question Lord Mandelson on his ability to carry out his duties to the UK.”

She shared a letter written by fellow Tory MP and former Foreign Affairs Select Committee chair Alicia Kearns.

In the letter, Ms Kearns called on current chair Dame Emily Thornberry to summon Lord Mandelson, question him and put the concerns of MPs to him.

Ms Kearns also wants to know what questions Dame Emily has asked the Foreign Office since the appointment of Lord Mandelson, and to find out “how substantial” Lord Mandelson’s relationship with Epstein was.

Ms Kearns told Sky News: “Months and months have passed with no action from the chair of the Foreign Affairs Committee, instead there has been an unsettling silence from her on all things Mandelson.

“I would have summoned Mandelson long ago, it’s the chair’s duty to get the answers parliament deserves. It’s all too evident Thornberry has long been focused on her next role, not the one she’s been elected and paid to do.”

So far, there has been no response from Dame Emily, who took part in a hustings for her campaign to be the next Labour deputy leader on Wednesday night.

Some MPs on the committee are concerned this race has distracted Dame Emily from her role on the committee, though she looks unlikely to make it into the next round.

In January, Dame Emily raised Lord Mandelson’s appointment with Foreign Office minister Stephen Doughty.

She said the appointment was “inspired” – before asking the minister and government to “allow Lord Mandelson the time to come before my Committee before he leaves for the United States”.

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Mr Doughty said: “I am sure that we will consider any request that my right honourable friend makes in due course in the normal way in which we consider requests from her Committee.”

The FCDO has been approached for comment.

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Labour deputy leadership: Contest to replace Rayner set to become two-horse race

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Labour deputy leadership: Contest to replace Rayner set to become two-horse race

Labour’s deputy leadership contest is on the brink of becoming a two-horse race between Bridget Phillipson and Lucy Powell, as the other three candidates scramble for nominations.

The official tally from the Parliamentary Labour Party (PLP) on Wednesday night put Ms Phillipson, the education secretary, ahead with 116 nominations.

Politics Hub: Catch up on The Immigration Debate

Ms Powell, the former Commons leader who was ousted in Sir Keir Starmer’s reshuffle last week, is behind with 77 – just three shy of the 80 needed to make it to the next round.

Bell Ribeiro-Addy, Paula Barker and Dame Emily Thornberry all had support from 15 or fewer MPs as of Wednesday evening, fuelling speculation they could follow in the footsteps of housing minister Alison McGovern and pull out.

Ms Barker, the MP for Liverpool Wavetree, told Sky News she was “genuinely undecided” and had a lot to consider.

Education Secretary Bridget Phillipson kept her job in the recent reshuffle. Pic: PA
Image:
Education Secretary Bridget Phillipson kept her job in the recent reshuffle. Pic: PA

Ms Barker, a former trade union official, has challenged the government on Gaza and welfare cuts and is part of the newly formed soft-left “Mainstream group”.

Her allies are keen for her to stay in the race, with one telling Sky News she “outshone the others by miles” during an online hustings event for MPs, and would be a “real alternative for the membership”.

Her supporters are expected to throw their weight behind Ms Powell if she does drop out, with one saying of the Manchester Central MP: “She is closer to Andy Burnham, and she was just sacked, so those who dislike Morgan McSweeney [the prime minister’s chief of staff] I guess will get behind her.”

However, while describing her as “slightly more left” than Ms Phillipson, they said she is “hardly a socialist”.

Lucy Powell was sacked as leader of the Commons last week. Pic: PA
Image:
Lucy Powell was sacked as leader of the Commons last week. Pic: PA

Read more politics news:
Who is Peter Mandelson?
How many illegal migrants are in Britain?

Some MPs want to avoid a race between Ms Powell and Ms Phillipson, believing there is not much difference in what they offer, but others had more praise for the former, calling her performance at the hustings impressive.

One MP said: “Her pitch is that she’s been the shop steward of the parliamentary Labour Party (PLP) in government, but now she’s not in government she can dedicate herself to the role of deputy leader full time without a department to run. She wants to focus on defining our voter coalition and making sure we’re speaking to them.”

They added that Ms Phillipson might be too busy to fulfil the deputy leadership role, especially with SEND (special educational needs and disabilities) reform coming down the track “which could be a horror show”.

Ms Phillipson has been making the case to MPs about her experience fighting populism in her Houghton & Sunderland South seat in the North East, where Reform UK is on the rise.

Dr Jeevun Sandher said he was won over by the education secretary following her pitch at the hustings in which she also spoke about the cost of living crisis.

The MP for Loughborough told Sky News: “Bridget was strong, articulate, and very impressive. She was able to communicate the deep thought we need to govern well and win the next election.”

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What do unions want from Labour’s new deputy?

The deputy leadership race was triggered by the resignation of former deputy prime minister and housing secretary Angela Rayner after she admitted underpaying stamp duty on a flat.

The candidates need 80 backers by 5pm Thursday. As of Wednesday evening’s tally, 235 MPs had made their nominations out of Labour’s 398 MPs.

Ms McGovern pulled out on Wednesday afternoon, saying it was “clear that the momentum of this contest had shifted, and I am not going to progress to the next stage”.

The MP for Birkenhead was rumoured to be Number 10’s preference before it was clear Ms Phillipson – who she has since nominated – would enter the race.

Timeline for the race

Many Labour MPs are keen to see someone who would work constructively with the prime minister to avoid the party becoming more divided.

There are also calls for the deputy leader to be from the north to balance out the number of cabinet ministers who represent London seats – which both Dame Emily and Ms Riberio-Addy do.

If more than one candidate secures 80 nominations by Thursday evening, they will then need to gain backing from either three of Labour’s affiliate organisations, including two trade unions, or 5% of constituency parties.

That process will continue until 27 September, meaning a contested election threatens to overshadow the party’s annual conference that begins in Liverpool the next day.

The successful candidates will then appear on the ballot for a vote of all party members and affiliated party supporters, which will open on 8 October and close on 23 October at 12pm.

The winner will be announced on Saturday 25 October.

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