Tag Archives: billion

Closing the Book on the Facebook Lawsuit

3 Replies

De-friended!

There’s a pretty good chance that Mark Zuckerberg had already de-friended Paul Ceglia.  In a recent decision, Ceglia has officially been indicted after faking evidence against Facebook creator Mark Zuckerberg.  The original lawsuit, which came about in 2010, stems from the fact that in 2003, Ceglia altered contracts co-signed by Zuckerberg in an attempt to give himself 50% share of the company.  Authorities had arrested the internet entrepreneur in October on charges centered around issues relating to the lawsuit.  Ceglia was guilty of mail fraud, wire fraud, and also attempts at tampering with and destroying evidence.  He currently faces up to 20 years in jail per criminal charge. Read more

Credit Will Do “Fine”

Credit Problems Stacking Up?

The likes of Target and Starbucks are about to enter round 2 of the heavyweight fight against Visa and Mastercard.  The settlement, which is roughly $7.2 billion, will bring an end to 7 years of litigation concerning the credit card companies themselves and big merchants, such as Target, Starbucks, and Wal-Mart.  The large merchants are protesting the proposed answer over “swipe fees” that they are ordered to pay in return for granting their customers quick service to their credit cards.  The underlying issue is that the nearly 8 million merchants are saying the deal is unfair for them, claiming the credit card companies are in bed with the banks and are focused on monetizing with no regard for business.  The economics of the settlement are also in question, as well as the $550 million tied up in a preliminary deal between the two parties poised to stop the bleeding.

Read more