Former NBA player Shaquille O’Neal will pay $1.8 million to settle a class action lawsuit related to the demise of cryptocurrency exchange FTX.
O’Neal, and other celebrities like Tom Brady and Stephen Curry, were named in thelawsuitin 2022. They had been accused of touting FTX as a reputable and trustworthy investment option via paid endorsements. The proposed settlement only pertains to O’Neal.
Three years ago FTX was the third-largest cryptocurrency exchange, but it ended up with billions of dollars worth of losses and had toseek bankruptcy protection. The Bahamas-based company and its founder,Sam Bankman-Fried,came under investigation by state and federal authorities for allegedly investing depositors funds in ventures without their approval.
Before its failure, FTX was known to use high-profile Hollywood and sports celebrities to promote its products.
More than 1 million power banks recalled
More than 1.15 million power banks are under recall across the U.S. after some fires and explosions were reported by consumers.
According to aThursday noticefrom the U.S. Consumer Product Safety Commission, electronics maker Anker Innovations is recalling certain “PowerCore 10000” power banks because the lithium-ion battery inside can overheat.
An overheating battery can lead to “melting of plastic components, smoke, and fire hazards,” Anker wrote in an accompanyingannouncement. The company added that it was conducting this recall “out of an abundance of caution to ensure the safety of our customers.”
