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BitBoy’ Armstrong Exonerated, Celebrities End FTX Battle

WikiBit 2023-09-19 11:27

Abstract:BitBoy’ Armstrong Exonerated, Celebrities End FTX Battle

Ben “BitBoy” Armstrong has been released from a lawsuit, while three prominent celebrities have opted for settlements in relation to the case.

A recent court filing revealed that the “Co-Lead Counsel is filing a Notice of Voluntary Dismissal of claims against FTX Defendant Ben Armstrong and will file a Notice of his settlement in the related Binance matter.” This development marks a significant turn of events in the complex litigation.

Armstrongs position in the lawsuit was peculiar, as he had not responded to the allegations or initiated any formal legal action, such as requesting the court to decide the case based on the presented evidence, foregoing the need for a trial.

Meanwhile, in an unexpected twist, Jacksonville Jaguars quarterback Trevor Lawrence and popular YouTube influencers Kevin Paffrath and Tom Nash have chosen to settle the lawsuit against them. However, the specific terms of these settlements have not been disclosed yet. The court is currently awaiting approval from U.S. Judge K. Michael Moore to officially acknowledge these settlements and remove the three from the ongoing legal battle.

The Co-Lead Counsel, responsible for representing the claimants, is also in the process of confidential settlement discussions with other FTX Defendants, indicating that additional settlements are likely to follow.

Lawrence and Nash were previously named in a filing pertaining to the recipients of marketing and sponsorship payments made under former CEO Sam Bankman-Fried. The document disclosed substantial payments to notable athletes, including Shaquille O‘Neal, Naomi Osaka, and David Ortiz, along with organizations such as MLB and NBA franchises like the Miami Heat and Golden State Warriors. Other prominent figures mentioned in the lawsuit included Coachella, Gamestop, and Kevin O’Leary, while celebrities such as Tom Brady, Gisele Bundchen, and Steph Curry also faced legal action for endorsing FTX.

FTXs efforts to recover funds from various sources continue, although it remains uncertain how much can be reclaimed. This uncertainty was explicitly noted in a prior filing, which stated that the recovered amount “…may vary materially from the amounts reported herein.”

These developments come as the broader FTX case unfolds, with Bankman-Fried scheduled to face trial on October 3 on charges of alleged fraud during his tenure as the exchanges CEO. Additionally, FTX recently reopened its creditor claims portal following a security incident involving its third-party claims agent, Kroll. Last week, Judge John Dorsey approved a plan allowing the FTX estate to liquidate billions of dollars in cryptocurrency assets.

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