In a recent court document, Jaguars’ quarterback Trevor Lawrence and two others have chosen to settle allegations that they misled investors, leading to losses in the FTX collapse. Lawrence, among several high-profile endorsers of FTX, has not publicly revealed the terms of his settlement.
Jaguars’ Quarterback Trevor ‘Sunshine’ Lawrence to Settle FTX Endorsement Lawsuit
On Friday, Bloomberg’s Jef Feeley revealed that YouTube personalities Tom Nash and Kevin Paffrath, along with NFL star Trevor Lawrence, have settled allegations of misleading investors through their endorsement of the now-bankrupt crypto exchange, FTX. Lawrence, the quarterback for the Jaguars, joined FTX as a partner in April 2021.
By May 2021, Lawrence announced intentions to transform his entire signing bonus into cryptocurrency. That year, his bonus was a staggering $24 million. Lawrence expressed his excitement about collaborating with Blockfolio, an FTX subsidiary. FTX had previously acquired Blockfolio, a leading portfolio tracking app, in 2020 for a cool $150 million.
Discussing the partnership, Lawrence stated:
When it comes to my crypto portfolio, I wanted a long-term partner in the space that I could trust.
The renowned NFL quarterback is just one of many celebrities facing accusations of misleading investors through their FTX endorsements. Notably, Lawrence was part of a significant group of NFL players who embraced cryptocurrency in 2021, right before the crypto market soared to nearly $3 trillion in November.
The settlement terms remain undisclosed by Lawrence and the Youtube duo. The attorneys spearheading the $1 billion lawsuit against FTX’s celebrity promoters informed Feeley that they’re currently in “ongoing confidential, settlement discussions” with other parties. They anticipate the “likelihood that other FTX settlements will be reached.”
What do you think about Trevor Lawrence and the Youtube influencers settling in this lawsuit? Share your thoughts and opinions about this subject in the comments section below.
via Jamie Redman
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