Facebook Paid ConnectU Founders $65 Million Settlement

Facebook’s settlement with ConnectU, whose founders include twin brothers Cameron and Tyler Winklevoss, was for $65 million, according to promotional material from their law firm, Quinn Emanuel Urquhart Oliver & Hedges, a law journal called The Recorder reports. (Via Techmeme.)

“WON $65 million settlement against Facebook” appears, along with dozens of other Quinn outcomes from last year, in the firm’s January business litigation newsletter (.pdf).

The disclosure was apparently inadvertent. Firm Chairman John Quinn asked The Recorder to not print the amount, citing the confidentiality provision, and declined to comment further. …

The $65 million is presumably an estimated value of the settlement, which was paid in a mix of cash and Facebook shares.

What’s not known: How much cash and how many Facebook shares the ConnectU founders got. Facebook shares, once valued at $15 billion, aren’t worth that much today.

Facebook’s comment: “We can’t comment on a confidential agreement.”

The ConnectU founders — the Winklevoss brothers and colleague Divya Narendra — had accused Zuckerberg of ripping off their idea for a college-based social network. The parties announced their settlement last April.

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