Three defendants reach tentative settlements in FTX class action suit

According to the filing, other defendants are engaged in settlement discussions

September 18, 2023 12:45 pm

NFL QB Trevor Lawrence | April Visuals/Shutterstock modified by Blockworks

Jacksonville Jaguars quarterback Trevor Lawrence, alongside YouTube influencers Keven Paffrath and Tom Nash, reached proposed settlements in the FTX class-action lawsuit, according to court documents filed on Friday.

No details or settlement terms were disclosed in the filing.

In addition, the counsel for the class action noted that they’re “engaged in ongoing confidential, settlement discussions with additional FTX defendants.”

Mediation dates are set for October and November, and lawyers revealed their intention to file Motions to Dismiss soon.

In a separate filing on Friday, attorneys representing the plaintiffs filed a notice of voluntary dismissal of Ben Armstrong. Armstrong, in April, was accused of harassing attorneys involved in the suit.

If the settlements move forward, the counsel plans to submit a filing on Jan. 5 seeking to schedule a Motion for Preliminary Approval.

In addition to Nash, Paffrath and Jackson, a number of celebs including Tom Brady, Shaquille O’Neal, Gisele Bundchen and Larry David were named in class action suits following the collapse of FTX. The suits were consolidated in Miami before a federal judge.

A class action suit was also filed against Steph Curry and the NBA’s Golden State Warriors in July. Plaintiffs claim that the Warriors and Curry engaged in a conspiracy that “substantially assisted or encouraged the wrongdoing conducted by the FTX Group.”

The settlement filings come just weeks before FTX’s former CEO Sam Bankman-Fried is set to stand trial on Oct. 3. Bankman-Fried faces fraud charges in relation to the collapse of FTX last year.

Additionally, Bankman-Fried pleaded not guilty to seven fraud and conspiracy charges last month.

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