Indian American expects a big settlement from Facebook

April 9th, 2008 - 12:11 am ICT by admin  

New York, April 8 (IANS) Facebook, the popular social networking website, is close to settling the suit about its origins brought by three founders of ConnectU site, including Indian American hedge fund analyst Divya Narendra. The three were students at Harvard together with Mark Zuckerberg, who started Facebook.

The proposed terms of the settlement have not been divulged, said the New York Times Tuesday. But it might turn out to be a huge sum, considering that Facebook, launched in 2004, has 69 million users and is valued by outside investors at $15 billion., an online community for students and alumni of colleges and universities, started by Narendra and twin brothers Cameron and Tyler Winklevoss, accused Zuckerberg of basing his site on their original project. They also alleged in the 2004 suit that he had illegally used the source code intended for the website they asked him to build for them in 2003.

After the earlier suit was dismissed last year, they filed again in a Boston court. Facebook filed a suit in Califronia, accusing ConnectU of unfair business practices.

A federal judge in California ordered the parties into mediation last year. Motions to dismiss the case were expected “within weeks”, the Times said.

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