Snapchat has settled a lawsuit with one of its presumptive founders. Snapchat, a popular mobile app for sending photo messages, has been embroiled in controversy from its inception. Now, the startup company has settled a lawsuit ownership of the company, stemming from initial collaboration between the founders when they were students at Stanford University. Bloomberg reports that the details of the settlement agreement remain confidential.
Snapchat is one of the most popular mobile apps in the United States, and current valuations place it at $10 billion. According to the Wall Street Journal, the company rejected a 2013 offer from Facebook to buy the app for roughly $3 billion.
Snapchat CEO Evan Spiegel and Chief Technology Officer Robert Murphy reached a settlement with former Stanford University classmate Frank “Reggie” Brown last month, after more than a year of contentious litigation and threats among the parties. Brown and Speigel, along with Murphy, were former roommates and best friends. Brown and others allegedly hatched company from their Kappa Sigma fraternity house during the spring of 2011 while trying to find creative ways to send and receive explicit photographs. Brown, Murphy, and Spiegel spent the next few months working together on the app before a falling out over a patent filing led to lawsuits.
The LA Times quotes Spiegel as saying, “We acknowledge Reggie’s contribution to the creation of Snapchat and appreciate his work in getting the application off the ground.”
If you are part of a dispute with business partners, like the one at Snapchat, and feel as though the other party is not playing by the rules, you need an experienced Georgia business litigator. Attorney James J. (“Jim”) Thomas II has more than 35 years of courtroom experience in the Atlanta area, and has represented professional athletes, as well as many other individuals and businesses. Jim is a business litigation expert who can handle complex business litigation as well as analysis, evaluation, and resolution of existing and potential litigation including intellectual property infringement claims. Give Jim a call at 404-869-5248 or visit www.litigationatlanta.com online.