Brad Stone over at the NY Times has some new details today on the status of the ConnectU lawsuit against Facebook, which was settled a few months ago.
Essentially, the ConnectU team (Tyler Winklevoss, Cameron Winklevoss, and Divya Narendra) has fired its lawyers from Quinn Emmanuel, who negotiated the settlement with Facebook, and hired lawyers from Boies, Schiller & Flexner and stock fraud expert Sean F. O’Shea. Why would this happen? Stone writes,
Since the Facebook-ConnectU settlement was likely part-cash, part-stock, one possibility is that the ConnectU founders feel misled by the value of the equity portion of the settlement and believe that fraudulent representations about its value were made to them.
ConnectU tried to get out of the settlement last week, but the motion was dismissed by the judge. Since getting dropped, the legal team from Quinn Emmanuel has filed a lien against any settlement or judgment ConnectU collects. Looks like this could be getting messy.