NBA star Shaquille O'Neal will pay $11 million to settle the Astrals NFT lawsuit

ChainCatcher news, according to Cryptonews, NBA star Shaquille O'Neal has agreed to pay $11 million to settle a class action lawsuit related to his involvement in the Solana-based NFT project Astrals.

On April 1, Florida federal judge Federico Moreno approved the final settlement agreement, which was made public on April 8. The settlement establishes an $11 million fund for eligible investors who purchased Astrals NFTs or acquired the project's GLXY tokens between May 2022 and January 15, 2024. The lawsuit was initially filed in May 2023, accusing Shaquille O'Neal of promoting and helping to launch the Astrals NFT series, with the plaintiffs claiming this amounted to the sale of unregistered securities. They alleged financial losses due to O'Neal's promotional activities.