Loose Lips, Sink Ships …
A law firm fired by the founders of the website ConnectU apparently got carried away in a recent marketing brochure.
Quinn Emanuel Urquhart Oliver & Hedges touted a settlement in the infringement case, and even revealed the confidential amount won by ConnectU: $65 million, the Recorder reports. The figure was published in a January business litigation newsletter, the story says. “WON $65 million settlement against Facebook,” is the exact wording.
The founders of ConnectU had claimed in their suit that Facebook chief executive Mark Zuckerberg stole their idea for a social networking site. The $65 million is apparently an estimated value of the settlement paid in cash and Facebook shares, the story says.
The disclosure appears to be a mistake, according to the Recorder. Quinn Emanuel chairman John Quinn said the settlement amount was confidential and asked the publication not to print it.
The case originally settled last February, but ConnectU later said the settlement was too low and claimed it had new evidence against Zuckerberg, according to the Recorder account. ConnectU fired Quinn Emanuel and obtained a new settlement that was placed under seal. Quinn Emanuel and ConnectU are arbitrating the issue of attorney fees.