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برچسب: Settle

  • Shaquille O’Neal to Pay Nearly $2M to Settle FTX Lawsuit

    Shaquille O’Neal to Pay Nearly $2M to Settle FTX Lawsuit


    NBA Hall of Famer (and prolific franchise owner) Shaquille O’Neal will pay $1.8 million to settle claims from investors that he misled them into investing in FTX, the bankrupt and infamous crypto exchange formerly led by Sam Bankman-Fried.

    The settlement will cost Shaq around $1 million more than he got paid for the FTX commercial in the first place, which was reportedly around $750,000.

    RELATED: From Tom Brady to Kevin O’Leary – See Who Lost Big in the Wake of the FTX Crypto Collapse

    After being named in a class-action lawsuit in December 2022 alongside other celebrities who starred in FTX promotions, including Tom Brady and Larry David, O’Neal told CNBC that he was just acting in a commercial, not giving financial advice.

    “A lot of people think I’m involved, but I was just a paid spokesperson for a commercial,” O’Neal said at the time.

    O’Neal allegedly dodged process servers for months but was served with legal documents in April 2023.

    If approved by the judge overseeing the case, the settlement would officially end the class action lawsuit, which was filed by FTX investors who deposited money between May 2019 and late 2022, and release him from future liability in this matter, fully resolving all claims without O’Neal having to admit any wrongdoing. It also bans him from seeking reimbursement from the FTX estate, per CNBC.

    RELATED: Sam Bankman-Fried Sentenced to 25 Years in Prison for Multibillion-Dollar Crypto Fraud

    Bankman-Fried is currently serving a 25-year prison sentence for seven counts of fraud and conspiracy related to the FTX collapse.

    Business Insider reports he may be released four years early for good behavior.



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  • Pinterest Agreed to Settle Christine Martinez Lawsuit for $34.7 Million

    Pinterest Agreed to Settle Christine Martinez Lawsuit for $34.7 Million


    Pinterest recently agreed to pay $34.7 million to settle a lawsuit from an early adviser who claimed she had co-created the platform without compensation.

    Christine Martinez, 44, who was a friend of Ben Silbermann and Paul Sciarra, two of Pinterest’s three co-founders, sued the company in 2021 for breach of implied contract, idea theft, unjust enrichment and unfair business practices. She said she came up with many ideas for the app — like organizing images on “boards” — but was never paid for her contributions, despite promises she would be.

    Pinterest, a virtual pinboard company that has many female users, disclosed the settlement with Ms. Martinez in a November 2024 financial filing.

    “No one wants to find themselves in the litigation process, and I’m just really, really excited and frankly just relieved to be past it,” Ms. Martinez said in an interview on Friday.

    “Ms. Martinez provided beneficial marketing and community growth input and strategies during the early phase of Pinterest’s founding,” according to a statement that was part of the settlement, which was provided by Ms. Martinez. “The parties are pleased to amicably resolve this legacy matter.”

    Pinterest declined to comment.

    The settlement follows a series of complaints and legal disputes against Pinterest by some of its female employees and executives.

    In 2020, Pinterest paid $22.5 million to settle a gender discrimination suit filed by Françoise Brougher, its former chief operating officer, who said she was fired after experiencing sexist treatment at the company. That same year, more than 200 employees signed a petition demanding the company change its policies after three former workers accused Pinterest of racial and sex discrimination and retaliation.

    Mr. Silbermann, who was Pinterest’s chief executive, left that role in 2022.

    Ms. Martinez, who had a background in e-commerce and interior design, claimed in her lawsuit that Mr. Silbermann and Mr. Sciarra sought her advice for the company that became Pinterest a year before it was founded in 2010.

    She said she came up with the idea for the picture boards and the platform’s signature “Pin it” phrase, and also helped persuade top design and lifestyle bloggers to use and promote the site. A portion of Pinterest’s programming code was named after her in homage, according to the lawsuit.

    She never signed a formal contract with Pinterest, but it was implied she would eventually be compensated, she said. Pinterest went public in 2019 and has a market capitalization of more than $18 billion.

    Ms. Martinez is now a board member and strategic adviser for Jingo, an online A.I. shopping platform that caters to women.



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