FTX investors may withdraw claims against the company's co-founder and former CEO, Sam Bankman-Fried, in exchange for his cooperation. According to Bloomberg's report on April 19, Bankman-Fried would assist in the case against celebrity promoters named in a $1.3 million civil lawsuit.

The lawsuit involves celebrities such as former NFL quarterback Tom Brady, former NBA player Shaquille O'Neal, and supermodel Gisele Bundchen, accused of promoting FTX and allegedly involving investors in a Ponzi scheme.

To cooperate, Bankman-Fried would be required to provide plaintiffs' lawyers with information about FTX-related entities, including venture capital firms, accountants, and lawyers involved with the exchange.

Additionally, he would disclose nonprivileged documents detailing his investments in the AI company Anthropic and provide an affidavit demonstrating his negative net worth. In return for Bankman-Fried's cooperation, plaintiffs would drop existing and future claims against him.

While plaintiffs acknowledged the value of Bankman-Fried's participation, they acknowledged that refocusing the case could introduce uncertainty into its outcome, pending the judge's approval of the proposal.

The ongoing case, in the Southern District of Florida, consolidates multiple civil lawsuits against various FTX promoters and insiders. Some defendants have previously sought settlements, including FTX insiders Gary Wang, Caroline Ellison, and Nishad Singh, former FTX lawyer Daniel Friedberg, internet personalities, and AFL quarterback William Trevor Lawrence. The current status of these settlement proposals remains unclear.

Earlier in April 2023, celebrity promoters, including Brady and Bundchen, moved to dismiss claims. The case, Garrison v. Bankman-Fried et al., became part of the consolidated case by June 2023. Notably, all civil cases are separate from the concluded high-profile criminal case against Bankman-Fried, who was convicted on criminal charges in November 2023 and received a 24-year prison sentence in March.