Breaking Down the Court’s Decision
In an order dated April 1 and unsealed Tuesday, Judge Moreno gave the final nod to the $11 million settlement, stating the agreement was “fair, reasonable, and adequate”, and importantly, free from material deficiencies or favoritism.
As part of the settlement:
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$2.91 million — roughly 26% of the total fund — was awarded in attorney’s fees to The Moskowitz Law Firm and its co-counsel.
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$15,000 service awards will go to each of the named plaintiffs in recognition of their role in steering the case.
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A settlement class was certified, encompassing anyone who purchased Astrals NFTs between May 24, 2022, and the preliminary approval date in November, or GLXY tokens acquired before that same date.
The settlement effectively brings closure to a fast-paced crypto class action that blended blockchain ambition with celebrity spotlight — a mix that’s become increasingly familiar in U.S. courts.
Legal Strategy and Final Play
Throughout the case, the plaintiffs pushed the narrative that Shaq wasn’t just a passive figurehead but an active promoter of digital investments tied to speculative markets. By invoking his past marketing work with FTX, which itself crumbled in spectacular fashion, they painted a picture of pattern and precedence. The plaintiffs alleged that the Astrals NFTs were not mere collectibles but unregistered securities, and that Shaq’s involvement misled buyers into thinking the assets were safe bets.
Judge Moreno, however, did not rule on the securities status of the NFTs themselves — a legal gray zone that continues to stir debate in crypto law circles. Instead, he focused on the integrity of the settlement terms and the transparency of the process.
