On April 9, former NBA legend Shaquille O'Neal agreed to pay $11 million to resolve a class action lawsuit related to his involvement in the Solana-based Astrals NFT program. Florida federal judge Federico Moreno approved the final settlement April 1, and the order was made public April 8.
The settlement sets up a $11 million fund for qualified investors who purchase Astrals NFTs from May 2022 to January 15, 2024 or receive GLXY tokens for the project during the same period. The court also approved $2.9 million in attorney fees and related fees. Judge Moreno ruled that the fee request was "fair and reasonable" and the plaintiff did not object.
The lawsuit was originally filed in May 2023, accusing Shaquille O'Neal of promoting and assisting in launching the Astrals NFT series, which the plaintiff believes is equivalent to an unregistered securities sale. They claimed financial losses due to O'Neal's promotional behavior. In August, Justice Moreno admitted that the plaintiff reasonably accused the former athlete of acting as a seller under the Securities Act. O'Neal reached a settlement in November.
Launched in April 2022, Astrals NFT contains 10,000 unique 3D avatars created by artist Damian Gimono.
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