NBA superstar O'Neal agreed to pay $11 million to settle a class-action lawsuit related to the Astrals NFT project

On April 9, former NBA legend Shaquille O’Neal agreed to pay $11 million to settle a class action lawsuit related to his involvement in the Solana-based Astrals NFT project. Florida Federal Judge Federico Moreno approved the final settlement agreement on April 1, with the order made public on April 8. The settlement establishes an $11 million fund for accredited investors who purchased Astrals NFTs or received the project’s GLXY Token between May 2022 and January 15, 2024. The court also approved $2.9 million in attorney fees and related costs. Judge Moreno ruled that the fee request was “fair and reasonable,” and the plaintiffs did not object. The lawsuit was initially filed in May 2023, accusing Shaquille O’Neal of promoting and assisting in the launch of the Astrals NFT series, with plaintiffs claiming this amounted to the sale of unregistered securities. They alleged financial losses due to O’Neal’s promotional activities. In August, Judge Moreno acknowledged that the plaintiffs reasonably accused the former athlete of acting as a seller under securities law. O’Neal reached a settlement agreement in November. The Astrals NFT was launched in April 2022, featuring 10,000 unique 3D avatars created by artist Damian Gimeno.