ConnectU Told To Obey Facebook Settlement

By: Doug Caverly - August 12, 2008

Facebook and ConnectU settled their cases out of court some time ago.  Then ConnectU’s founders came back, claiming new evidence had surfaced.  Fresh proceedings are underway, but before things grow even more complicated, the judge has asked ConnectU to obey the terms of the first settlement.

A Bloomberg article states, "Under the deal, stemming from ConnectU’s 2004 allegations that Facebook stole its computer code, control of ConnectU will be transferred to Facebook.  ConnectU’s founders will get stock in Palo Alto, Calif.-based Facebook and ‘millions’ of dollars in cash, according to court papers."

It will admittedly be odd for ConnectU’s lawyers to work against a company that has gained ownership of their employer.  Yet the shifting value of the U.S. dollar and stock market make the transfer into a "sooner the better" situation, as seen by the judge, so that the exchange remains fair.

Social media isn’t known for being stable, either, and Facebook’s employees are even now supposed to be selling some of their stock options at discounted prices.

Meanwhile, two of the three ConnectU founders are performing decently as Summer Games rowers, according to Vasanth Sridharan.

Doug Caverly

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Doug CaverlyDoug is a staff writer for WebProNews. Visit WebProNews for the latest eBusiness news.

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