The suit was filed against FTX Founder Sam Bankman-Fried and a number of celebrities that endorsed the crypto-trading company. Other celebrities named in the lawsuit include David Ortiz, Shohei Ohtani, Trevor Lawrence, Udonis Haslem, and Tom Bradys ex-wife, Supermodel Gisele Bundchen.
Brady and Bundchen appeared in a joint commercial for FTX.
Kevin OLeary of Shark Tank was also included in the suit, and so are the Golden State Warriors who are a prominent partner for FTX.
The suit alleges that FTX and Bankman-Fried operated a fraudulent scheme and that it was “designed to take advantage of unsophisticated investors from across the country, who utilize mobile apps to make their investments.”
On November 11, FTX filed for bankruptcy and Bankman-Fried filed for bankruptcy. Prior to the bankruptcy announcement, Bankman-Fried had fired off a bunch of Tweets apologizing and saying that he, should have done better.
The lawsuit is seeking $11 Billion in damages.
The celebrities mentioned in the class-action suit are being sued for promoting FTX.
In the ad shared by Brady and Bundchen, they were shown recruiting a bunch of their friends and contacts.
It will be some time yet before its known whether or not the celebrities mentioned will have to pay any damages.