A federal judge approved FTX Group’s request to formally terminate endorsement deals with supermodel Gisele Bündchen, basketball star Stephen Curry’s SC30 Inc. and baseball phenomenon Shohei Ohtani, court papers show.
(Bloomberg) — A federal judge approved FTX Group’s request to formally terminate endorsement deals with supermodel Gisele Bündchen, basketball star Stephen Curry’s SC30 Inc. and baseball phenomenon Shohei Ohtani, court papers show.
Bündchen has partnership, endorsement and charitable giving agreements with an FTX affiliate dating to May 2021, according to bankruptcy court papers. Curry’s SC30 and Ohtani have endorsement deals from later the same year.
US Bankruptcy Judge John Dorsey’s Thursday order permits FTX to nix the deals. As is standard in US insolvency, the crypto exchange’s Chapter 11 filing gave FTX wide latitude to reject contracts that it no longer needs or can’t afford.
Representatives for Bündchen, Curry and Ohtani didn’t immediately respond to requests for comment.
Bündchen, Curry and Ohtani are among celebrity endorsers targeted by investors in a lawsuit over their promotion of FTX. Others include Tom Brady and Shaquille O’Neal.
The bankruptcy is FTX Trading Ltd., 22-11068, US Bankruptcy Court for the District of Delaware.
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