Jacksonville Jaguars quarterback Trevor Lawrence agreed to a settlement in a class action lawsuit that was filed against him and several other celebrities and athletes last year for their endorsement of FTX, according to Bloomberg.
Lawrence, 23, was part of a group that included Tom Brady, Stephen Curry, Shaquille O’Neal, and Shohei Ohtani who were sued and accused of misleading the public regarding FTX, a cryptocurrency exchange that collapsed and went bankrupt in 2022. The founder of FTX, Sam Bankman-Fried, is currently facing several fraud-related charges and up to 100 years in prison.
Just prior to joining the Jaguars as the No. 1 pick of the 2021 NFL draft, Lawrence signed a multiyear sponsorship deal with FTX (known as Blockfolio at the time):
We're excited to announce our partnership with football star, @Trevorlawrencee! The world of sports and crypto will never be the same. pic.twitter.com/8KC3ZHHagu
— FTX App (@ftx_app) April 26, 2021
While many believed that Lawrence accepted his entire $24.1 million signing bonus from the Jaguars in cryptocurrency, he pushed back against that claim.
According to Bloomberg, Lawrence and YouTube influencers Kevin Paffrath and Tom Nash are the first three listed in the lawsuit to reach a settlement. Terms of the agreement weren’t disclosed in the report.
Lawyers leading the case told Bloomberg they are “engaged in ongoing confidential, settlement discussions” with other defendants and there is a “likelihood that other FTX settlements will be reached.”
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