While the world was busy watching Apple's major event Tuesday, Snapchat quietly announced the company's founders had settled a longstanding lawsuit with a former classmate over the origins of the app.
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Chief Executive Evan Spiegel and Chief Technology Officer Robert Murphy said they reached an agreement with fraternity brother and ex-colleague Frank Reginald Brown IV after more than a year and a half of negotiations.
Brown originally came up with the idea for an app that sends disappearing photos in Spring 2011 while attending Stanford University, and then shared the concept with Spiegel. The two collaborated with Murphy to develop what eventually became Snapchat, but Brown was later pushed out of the company, which is now valued at $10 billion.
The settlement resolves all disputes between the parties, the statement said. The terms of the settlement are confidential, but the statement acknowledges Brown's creation of the concept of Snapchat.
"We are pleased that we have been able to resolve this matter in a manner that is satisfactory to Mr. Brown and the Company," Spiegel said. "We acknowledge Reggie’s contribution to the creation of Snapchat and appreciate his work in getting the application off the ground."