FUCKERBERG STEALS WINLKE DICK'S IDEA!
In 2004, ConnectU filed a lawsuit against Facebook alleging that creator Mark Zuckerberg had broken an oral contract with it. The suit alleged that Zuckerberg had copied ConnectU’s idea and illegally used source code intended for the website Zuckerberg was hired to develop. Facebook countersued with respect to Social Butterfly, a The Winklevoss Chang Group project. The countersuit named among the defendants ConnectU, Cameron Winklevoss, Tyler Winklevoss, Divya Narendra, and Wayne Chang, founder of i2hub. An agreement settling both cases was reached in February, 2008, and was reportedly valued at $65 million. In May 2010, however, ConnectU accused Facebook of misrepresenting the value of the stock that it turned over to the ConnectU plaintiffs as part of the settlement and sought to void the settlement. ConnectU alleges that the value of the stock was $11 million rather than $45 million, as represented by Facebook at the time of settlement. As a result, the total settlement value would have been $31 million, rather than the $65 million reported. On August 26, 2010, the New York Times reported that Facebook shares were then trading at $76 per share in the secondary market, putting the value of the total settlement at close to $120 million. If the lawsuit to revise the settlement were to succeed, the settlement value would rise to $466 million. In April, 2011, Ninth Circuit judge Alex Kozinski opined that “[a]t some point, litigation must come to an end. … That point has now been reached.” The twins’ lawyer said they will seek a rehearing with the entire appeals court bench. In June 2011 it was announced that a decision to pursue the case in the Supreme Court had been withdrawn.