Judge mulls removing Shaq and Naomi Osaka from FTX lawsuits

A federal judge is considering to exclude retired NBA all-star Shaquille O'Neal and tennis star Naomi Osaka from a class-action lawsuit against the FTX crypto exchange. The judge gave the plaintiffs until December 18th to show cause as to why the two sports stars should not be dismissed from the suit. The lawsuit was filed in the U.S. district court in San Francisco in April this year. It was alleged that FTX was guilty of unlawful deceptive practices when it lured unsuspecting customers with false and misleading representations in order to generate trading revenue. The plaintiffs are seeking to recoup damages arising from their trading activity on the platform. Shaquille O'Neal and Naomi Osaka have been named by the plaintiffs as "ambassadors" for the FTX exchange. The plaintiffs argue that the two stars have promoted the service and its deceptive practices without disclosuring their relationship to the exchange. Judge Yvonne Gonzalez Rogers has expressed her concerns over the inclusion of O' Neal and Osaka in the lawsuit. She clearly stated that there is "no evidence" that either celeb was aware of the alleged deceptive practices, or was financially compensated for their promotion of FTX. She said that she would "hate" to have them dragged through a costly legal process that they have no responsibility for. The ruling on whether or not the two celebs will be removed from the lawsuit is expected to be announced in December. In the meantime, the plaintiffs will have to submit convincing evidence to justify their inclusion in the suit. The FTC lawsuit is just one among the growing list of regulatory troubles the crypto exchange FTX has found itself in this year. The company is also facing a criminal investigation by the U.S. justice department and the Commodity Futures Trading Commission. It remains to be seen whether Shaquille O'Neal and Naomi Osaka will be removed from the lawsuit, but in the meantime it's worth noting that this type of legal action emphasises the importance of understanding the risks involved in trading crypto or any other financial instrument. Regardless of whether you are an investor, influencer or ambassador, it's always wise to seek professional advice before making any decisions.