Judge Approves $11 Million Settlement in Shaq Astrals NFT Lawsuit

On Wednesday, April 9, 2025, Law360 reported that Hall of Fame basketball player Shaquille O’Neal and the creators of the Astrals non-fungible token (NFT) project have received a judge’s final approval of an $11 million settlement to resolve a proposed securities class action with buyers of the tokens that O’Neal allegedly promoted.

U.S. District Judge Federico A. Moreno issued an order on April 1, which was made public on April 8. The order grants final approval to the settlement and allocates $2.91 million, approximately 26% of the settlement fund, for attorney fees to The Moskowitz Law Firm and its co-counsel. Additionally, each of the plaintiffs will receive a service award of $15,000.

Judge Moreno characterized the settlement as fair, reasonable, and adequate, noting that it does not exhibit any material deficiencies or provide preferential treatment to any individual member of the settlement class. He also certified a settlement class consisting of all individuals and entities that purchased Astrals NFTs or GLXY tokens between May 24, 2022, and the date of preliminary approval in November.

The lawsuit, initiated in 2023, alleged that O’Neal violated securities laws by promoting Astrals NFTs, which are linked to an online role-playing game he is said to have co-founded. Plaintiffs claimed that O’Neal specifically targeted Florida residents in his promotion of the Astrals project. They also cited O’Neal’s previous role as a promoter for the collapsed cryptocurrency exchange FTX, arguing that he used this experience to enhance the visibility of both projects. The plaintiffs contended that O’Neal should have been aware that the NFTs and his promotional activities were subject to securities regulations.

Source; Law360