find the latest legal job
Corporate/Commercial Lawyers (2-5 years PAE)
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Specialist commercial law firm · Long-term career progression
View details
Graduate Lawyer / Up to 1.5 yr PAE Lawyer
Category: Personal Injury Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Mentoring Opportunity in Regional QLD · Personal Injury Law
View details
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Full time · Join a leading Adelaide commercial law firm
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Sydney NSW
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Melbourne VIC
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
Company sues Facebook, racks up $13 million bill

Company sues Facebook, racks up $13 million bill

The founders of the company from which billionaire Mark Zuckerberg allegedly lifted the idea for Facebook have been left with a $13 million legal bill following a string of legal action.Pulse 2…

The founders of the company from which billionaire Mark Zuckerberg allegedly lifted the idea for Facebook have been left with a $13 million legal bill following a string of legal action.

Pulse 2 reports that a New York judge has upheld a payout of $13 million for law firm Quinn Emanuel which represented the company ConnectU in an intellectual property litigation case against Facebook.

ConnectU was founded by twin brothers Tyler and Cameron Winklevoss and Divya Narendra and is currently challenging a $65 million settlement made with Facebook in 2008.

According to the founders, Zuckerberg copied the idea behind ConnectU in order to create Facebook when he was a sophomore at Harvard University.

In 2004, ConnectU filed a lawsuit against Facebook and settlement was reached in 2008. However, ConnectU accused Facebook earlier this year of securities fraud and is pushing to get the settlement annulled.

But instead of coughing up its legal fees, ConnectU ended up firing and suing Quinn Emanuel for malpractice, alleging the firm had failed to obtain current Facebook valuations of common stock before negotiating the settlement.

An arbitration panel found, however, that Quinn Emanuel "earned its full contingency fee" on 25 August 2010 and had not committed any malpractice.

"The respondents have waited over two years for its fee, and have had to oppose several attempts to delay the payment," said Judge Richard Lowe of the Supreme Court of the State of New York.

"To continue to stall payment of the award would be to frustrate the very purpose of and reason for the arbitration."

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Company sues Facebook, racks up $13 million bill
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Dec 13 2017
Young humanitarian lawyer California-bound
A young Australian lawyer will be travelling to the US next year for a prestigious nine-month study ...
Jackie Rhodes
Dec 12 2017
Report sheds light on LGBTQI inclusion in law firms
A recent report has revealed the varying perceptions on LGBTQI diversity and inclusion in the Austra...
Women in business
Dec 12 2017
Annabel Crabb headlines Women in Business Forum
Political journalist Annabel Crabb has appeared at the Coleman Greig Lawyers Women in Business Forum...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...