Facebook & ConnectU Case Closed In Facebook’s Favor, Official Settlement On July 2nd
Judge James Ware of U.S. District Court for the Northern District of California has made a ruling in Facebook’s favor.Â Facebook has agreed to pay an undisclosed amount to the owners of ConnectU through an acquisition.Â
The settlement roots back to an accusation that Mark Zuckerberg and other founders in Facebook stole the idea for Facebook from the ConnectU team.Â The ConnectU team consists of brothers/Olympic rowing hopefuls, Cameron and Tyler Winklevoss and Divya Narendra.Â The tentative settlement was made this past February, but then ConnectU delayed to the settlement due to an accusation that Facebook failed to provide crucial documents for the case.Â
ConnectU also settled to not make further claims against Facebook.
“The ConnectU founders understood the deal they made, and we are gratified that the Court rejected their false allegations of fraud,” stated a Facebook representative. “Their challenge was simply a case of ‘buyers remorse,’ as described by the Boston Court earlier this month.”
Mark Zuckerberg used to work for the Harvard Connection, a company founded by the ConnectU before creating TheFacebook.com.
[Source: Reuters]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry