NRL quarterback Trevor Lawrence and YouTube influencers Kevin Paffrath and Tom Nash have reportedly settled a lawsuit over alleged insufficient disclosure of their promotions’ fees for the now-defunct exchange of cryptocurrency FTX.
According to a Sept. 16 Bloomberg reports, the three high-profile individuals have entered into proposed agreements, although the terms of the settlement were not disclosed.
Among the high-profile celebrities and influencers involved in the class-action lawsuit, Lawrence, Paffrath and Nash are reportedly the first to reach a settlement.
Related: Influencer serves settlement demand via NFT after $7M token presale
Other celebrities accused in the class-action lawsuit include Tom Brady, Gisele Bündchen, Kevin O’Leary, Shaquille O’Neal, Naomi Osaka and David Ortiz
Meanwhile, Paffrath and Nash are among eight Youtubers accused of failing to disclose compensation. The other six include Graham Stephan, Andrei Jikh, Jaspreet Singh, Brian Jung, Jeremy Lefebvre and Erika Kullberg.
The talent management company behind the FTX promotion, Creators Agency LLC is also named in the lawsuit.
On September 11, a court filing revealed that FTX was considering how it could recover the millions of dollars it paid to famous athletes and sports teams promoting the crypto exchange prior to its existence. -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 payout of $2,348,338.
On March 15, the class-action lawsuit was first filed, claiming that the influencers did not adequately disclose the true nature of their FTX promotions, which were, in fact, paid content rather than sponsored content. comes from genuine interest:
“Although FTX paid Defendants handsomely to promote its brand and encourage their followers to invest, Defendants did not disclose the nature and scope of their sponsorship and/or endorsement deals, payments and fees, nor conduct enough (if any) due to hard work.”
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