Financial wrinkle lost ConnectU some Facebook settlement dollars
Now we know a little more about why ConnectU tried to get out of its “$65 million” settlement with Facebook last summer and why it’s still suing its former lawyer.
Back in 2004, you’ll recall, the company accused former contractor Mark Zuckerberg of stealing ideas and code from it and then launching his own college-focused social network, Facebook. After a series of lawsuits, ConnectU settled for $20 million in cash and 1,253,326 in common stock, according… Continue Reading
As the ConnectU case winds down, a new Facebook valuation is revealed
Facebook and erstwhile rival social network ConnectU reached a settlement last month, after a lengthy court battle. ConnectU’s founders were given Facebook stock, in what was a de facto acquisition of the company by Facebook. But ConnectU’s founders have been trying to keep the case open — they’ve claimed to have new evidence that Facebook low-balled the value of the stock they received for the settlement.
This new evidence, according to a court document obtained by… Continue Reading
Court won’t let ConnectU out of Facebook settlement
A federal judge just issued a ruling that may finally end the legal dispute between social networking companies Facebook and ConnectU. They reached a confidential settlement earlier this year, but ConnectU’s founders have been trying to back out and reopen the lawsuit, saying they’ve found new evidence to support their case.
Judge James Ware’s response to ConnectU’s claims came earlier tonight, and he sided with Facebook, meaning that ConnectU’s founders are stuck with the settlement. Apparently,… Continue Reading
ConnectU to Facebook: We were just kidding about that settlement
It looks like social networking site ConnectU’s lawsuit against Facebook may not be over yet. Although the two companies agreed to settle in April (and have since signed the paperwork) ConnectU attorney John Hornick told a judge yesterday that his clients want to pull out of the deal, according to Bloomberg News.
Since reaching the agreement, Hornick said ConnectU has found instant messages on Facebook’s computers that are a “smoking gun” backing the company’s allegations. U.S…. Continue Reading
Facebook to settle with ConnectU
Updated
Facebook is about to end a lawsuit that’s been a long-time thorn in its side. The social networking site plans to settle with competitor ConnectU for an undisclosed amount, according to the New York Times.
ConnectU’s founders — brothers Cameron and Tyler Winklevoss, along with Divya Narendra — had accused Facebook founder Mark Zuckerberg of stealing their idea in 2003, while they were all at Harvard. Zuckerberg helped them set up a campus dating site called… Continue Reading
The Facebook lawsuit that hasn’t gone away
Before he launched Facebook at Harvard, Mark Zuckerberg worked for two brothers on a project called HarvardConnect.com that also wanted to connect students and alumni.
Zuckerberg later left that project, and showed up with Facebook. The brothers claim Zuckerberg stole their code, and sued him three years ago. The brothers later changed their company’s name to ConnectU.
They’ve been fighting ever since, and all the while Zuckerberg and Facebook have maintained the suit isn’t going anywhere. This… Continue Reading