7 class action lawsuits have been filed against SBF so far, records show
The number of lawsuits against former FTX CEO Sam Bankman-Fried has been racking up since the fall of his crypto empire, with the former “white knight” of crypto finding himself a defendant in seven class action lawsuits filed since FTX’s bankruptcy.
These lawsuits are separate from the numerous probes and investigations examining FTX and Sam Bankman-Fried, such as a reported market manipulation probe by federal prosecutors and the Federal Election Commission’s likely investigation into Bankman-Frieds dark money donations to the Republican Party.
Below is a summary of the class-action lawsuits brought against Sam Bankman-Fried since Nov. 11.
In this class action lawsuit brought by Gregg Podalsky and four other individuals, the former FTX customers accuse Golden State Warriors, Bankman-Fried and numerous other celebrities and FTX executives of fraudulently inducing “unsophisticated investors” into purchasing unregistered securities in the form of yield-bearing accounts, resulting in customers losing billions of dollars.
Other public figures also named in the lawsuit are Tom Brady, Kevin O‘Leary, Stephen Curry, Trevor Lawrence and Shaquille O’Neal, with Podalsky demanding that the case have a jury trial.
FTX customer Michael Elliott Jessup has brought a class action lawsuit against Bankman-Fried, former Alameda CEO Caroline Ellison and other FTX executives accusing them of fraud, unjust enrichment and conversion.
Unjust enrichment in legal cases refers to situations where one person is enriched at the expense of another, in circumstances which the law sees as unjust, while conversion refers to situations where one person ‘converts’ another person's property for themselves.
Jessup, who has also demanded the case have a jury,
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