NRL quarterback Trevor Lawrence and YouTube influencers Kevin Paffrath and Tom Nash have reportedly settled a lawsuit over alleged inadequate disclosure of compensation in their promotions for now-defunct cryptocurrency exchange FTX.
According to a Bloomberg report on September 16 reportThe three high-profile individuals signed proposed agreements, however, the terms of the agreement were not disclosed.
Among the high-profile celebrities and influencers involved in the class-action lawsuit, Lawrence, Paffrath and Nash are said to be the first to reach a settlement.
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Other famous defendants in the class-action lawsuit include Tom Brady, Gisele Bรผndchen, Kevin O'Leary, Shaquille O'Neal, Naomi Osaka and David Ortiz.
Meanwhile, Paffrath and Nash are among eight YouTubers accused of failing to disclose their compensation. The other six include Graham Stephan, Andrei Jikh, Jaspreet Singh, Brian Jung, Jeremy Lefebvre and Erika Kullberg.
The talent management company behind FTX's promotion, Creators Agency LLC, is also named in the lawsuit.
On September 11, a court filing revealed that FTX is mulling how it can recover the millions of dollars it paid to famous athletes and sports teams that promoted cryptocurrency 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 topped the list with a fee of $2,348,338.
The class action lawsuit was initially filed on March 15, alleging that influencers improperly disclosed the true nature of their FTX promotions, which was, in fact, paid content rather than content derived from genuine interest:
"Although FTX generously paid Defendants to boost its brand and encourage its fans to invest, Defendants failed to disclose the nature and extent of their sponsorships and/or sponsorship agreements, payments and compensation, nor did they conduct due diligence. (if there was) adequate".
Magazine: Tencent's AI leviathan, $83 million scam dismantled and influencer ban in China: Asia Express
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