A federal judge has dismissed most claims against Tom Brady, Gisele Bündchen, Larry David, Stephen Curry, Shaquille O’Neal, and other celebrity endorsers accused of illegally promoting the now-collapsed cryptocurrency exchange FTX, finding that the stars lacked the intent to deceive consumers.

U.S. District Judge K. Michael Moore issued the ruling on Wednesday, concluding that while the celebrities were "uninformed, negligent, or even reckless" in promoting FTX, they cannot be held liable for investor losses because they did not have prior knowledge of the company’s alleged fraud. The ruling significantly narrows a proposed class action filed in 2022 that sought to hold high-profile figures accountable for their role in promoting one of the most notorious financial collapses in U.S. history.

The lawsuit, brought by investors, alleged that FTX operated as a Ponzi scheme by misappropriating customer funds and using celebrity endorsements to bolster its credibility. Plaintiffs argued that the stars, including David, who famously appeared in a 2022 Super Bowl ad for FTX, misled consumers by failing to disclose their financial ties to the company. The ad, titled "Don’t Miss Out," featured David in his typical skeptical persona, turning down history-changing inventions before rejecting FTX as just another fleeting trend.

Judge Moore’s ruling dismissed claims of state securities violations, false advertising, and unfair competition, finding that the complaint lacked specific evidence that the celebrities knowingly engaged in deceptive practices. "In the extensive list of promotions, advertisements, and statements, Plaintiffs have not provided any details related to Defendants’ alleged scheme to engage in knowingly false or deceptive practices, other than that Defendants promoted the FTX products in exchange for a substantial compensation package," Moore wrote.

However, the ruling leaves open the possibility for investors to amend their claims, provided they can present more concrete evidence that the celebrities were aware of FTX’s alleged misconduct. Some claims related to Florida and Oklahoma securities laws remain intact, and the broader question of whether FTX products constituted unregistered securities remains unresolved.

The decision comes amid increased scrutiny of celebrity endorsements in the digital asset market. In recent years, the SEC has fined high-profile figures like Kim Kardashian, Floyd Mayweather Jr., and DJ Khaled for failing to disclose payments for promoting cryptocurrency investments.

FTX’s downfall has sparked a wave of litigation and regulatory action, with Shark Tank star Kevin O’Leary recently testifying before Congress about his $18 million payout for promoting the exchange. O’Leary told the Senate Banking Committee that his compensation included $3 million for taxes, $1 million in FTX equity, and $10 million in crypto tokens that he has since written off as worthless.

For now, the dismissed claims against the celebrity endorsers represent a significant legal win for the stars involved, though the ongoing litigation against FTX itself continues to pose a major financial and reputational risk for those tied to the embattled platform.