Posts

Showing posts with the label Mark Zuckerberg

Facebook paid up to $65m to founder Mark Zuckerberg's ex-classmates

Image
Facebook paid up to $65m - $20m cash and a 1.25m shares – to end a lawsuit in which Mark Zuckerberg, now its chief executive, was accused of stealing the idea for the social networking site from a company called Connect U . The case, brought against Zuckerberg by three former classmates, Divya Narendra and the brothers Tyler and Cameron Winklevoss, had threatened to derail Facebook. But though both sides had promised to keep the details of the settlement secret, the law firm representing ConnectU proclaimed the amount in a newsletter it sent out in January . The detail was picked up by the Recorder, a San Francisco-based legal publication. Until yesterday, the details of the outcome had been kept secret. Lawyers on both sides went as far as asking the judge to clear the courtroom of reporters. But the law firm Quinn Emanuel Urquhart Oliver & Hedges then trumpeted " WON $65 million settlement against Facebook " in its newsletter. ConnectU fired the law firm last year, an...