Remember that lawsuit from way back in December? Well it looks like Snapchat has settled the suit, which was filed by its ousted co-founder, Reggie Brown.
Disappearing messages were apparently the brainchild of Reggie Brown, a former classmate and fraternity brother of Snapchat CEO Evan Spiegel and CTO Bobby Murphy. Brown claims he was wrongfully ousted from the company and stripped of his ownership stake in July 2011. The settlement marks the end of a series of attempts from both parties to settle.
The terms of the settlement have not been disclosed, but according to Business Insider, Brown was seeking an extraordinary amount in damages that could top $500 million.
Discussing the settlement, Spiegel said, “We are pleased that we have been able to resolve this matter in a manner that is satisfactory to Mr. Brown and the Company. We acknowledge Reggie’s contribution to the creation of Snapchat and appreciate his work in getting the application off the ground.”
Snapchat is available for iOS and Android and currently ranks among the top apps for teens in the U.S.