Plaintiffs suing over FTX collapse had a hard time serving Tom Brady, others

FTX Cryptocurrency Exchange Illustration
Getty Images

In last week’s frenzy to keep up with guys getting new free-agent contracts, I failed to post this item regarding the frenzy to serve famous people with process in the lawsuit arising from the collapse of FTX.

The headline of the item from Daniel Kaplan of focused on the inability of the plaintiffs to serve a summons and complaint on Shaquille O’Neal.

At least six different efforts were made to deliver the paperwork to Shaq, a massive human being who is ordinarily hard to miss. As of last week, Shaq still hadn’t been served.

According to Kaplan, a court filing shows that more than six attempts were made to serve free-agent quarterback Tom Brady. Eventually, Brady instructed his lawyers to accept a request for waiver of service, which they did on December 27, 2022.

Other defendants who eventually were served, directly or through waiver of service, include Brady’s ex-wife, Gisele Bundchen, comedian Larry David, Jaguars quarterback Trevor Lawrence, baseball star Shohei Omani, and NBA star Steph Curry.

The lawsuit accuses the celebrity endorsers of failing to disclose that they were compensated to promote FTX, arguing that FTX accounts were opened in response to the urgings of celebrities.

One of the plaintiffs, Patriots fan Michael Livieratos, has said he transferred $30,000 from a rival crypto exchange to FTX because of Brady’s endorsement.

Brady had a massive deal with FTX, but the equity he received in exchange for lending his name to the platform has now become worthless. It’s a rare failure for a man who seems to have a Midas touch. In this case, however, the specific thing Brady fingered was always fool’s gold.

Of course, “everyone should have known this was all a scam” would probably not be the best defense to the lawsuit.

11 responses to “Plaintiffs suing over FTX collapse had a hard time serving Tom Brady, others

  1. Failure to disclose the guy on TV advertising the service is not being paid for appearing in the advert? Gimme a break!

  2. Failed to disclose that they were compensated for promoting FTX….like people believed Tom Brady and Shaquille O’Neal were promoting this for free?

  3. Hey, I’m suing that guy who sells Flex Seal because I made a boat out of that stuff and it sank. My lawyer, Mr. Chiles, says I have a case!

  4. What happened here is that people had cash and crypto coins on the exchange, and it was all stolen. You need only look into it far enough to see who got their money, and who didn’t, to understand what is going on. My bet is that the people that got their money out of FTX prior to the theft, are the same people that got their deposits backstopped by the government at the expense of the people at Silicon Valley Bank. They got bailed out. You on the other hand, will not get bailed out according to Secretary of the Treasury, Janet Yellen. Your not what we call, the right people. Some people are calling it a scam, but its all quite kosher. Nothing unusual and nothing to see here. Move along. You shouldn’t be expecting anything more. That’s how these things go right?

  5. Did people really think that celebrities endorse products for no compensation?
    This country is going down the tubes, and not for most of the reasons that people think.
    I guess if someone buys a Hummer and gets into a crash, they’re going to try to sue LeBron James for telling them to buy the car?
    This is what Americans have become.

  6. The FTX debacle may prove to be most famous investor scam since Bernie Madoff, not because of the sums involved, but due to the names of the people who promoted it. Watching the litigation unfold will be interesting.

  7. So you think all the actors promoting Car Shield are doing it out of the goodness of their hart while the company is ripping off people? If you invested $30k because Brady said so…you’re an idiot.

  8. I would expect anyone in any commercial (tv, radio internet). no matter what the product/service being advertised, to be compensated by payment of some kind.

  9. This is dumb. Unless one of the celebrities being sued was an insider in the organization, which they were not, they could not know about the pending collapse. They were promoting a product for money. Normal stuff. It’s 100% the company’s fault. Suing celebrities is so it makes it into the news cycle, like it just did here.

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