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HomeCelebrityCelebrity endorsers Tom Brady, Larry David, others face class action lawsuit from...

Celebrity endorsers Tom Brady, Larry David, others face class action lawsuit from FTX investors

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Steve Jacobson

Celebrity endorsers Tom Brady and Larry David are among those who are facing a class-action lawsuit filed in Miami federal court by FTX investors. The suit could gain momentum after the conviction of Sam Bankman-Fried by a jury a few days ago approximately a year after the massive collapse of the crypto exchange FTX, founded by Sam Bankman-Fried and others.

Senior executives had taken guilty pleas and cooperated with the authorities, while Sam Bankman-Fried had pleaded not guilty to seven counts of criminal fraud and was found guilty by a jury, a few days ago.

During Sam Bankman-Fried’s trial, celebrity endorsements of FTX were brought in as part of the case. FTX investors have been looking to recover their losses and have filed a class-action suit against celebrity former NFL football player Tom Brady, celebrity Larry David and other popular endorsers, hoping to get some of the money they lost.

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Since Sam Bankman-Fried is more or less broke, they are looking to recoup some of their losses from the celebrity endorsers, whose net worth is roughly hundreds of millions. The class action suit is seeking unspecified damages from these endorsers.

Although there is no direct relation between the conviction of Sam Bankman-Fried and celebrity endorsers, including Tom Brady, Larry David, and others, legal experts note that there is momentum gained from the the guilty sentence, and that might add benefit to the case of the investors.

Some celebrity endorsers have already settled the cases filed against them without disclosing the terms of settlement, but others have not yet. If celebrity endorsers hold out and decide to continue to fight the class action case in court, it could take several years.

The investors’ case against celebrity endorsers is not the only civil case involving FTX. Sam Bankman-Fried also faces civil cases filed by the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

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