Facebook and Think Computer Corporation have settled their dispute after the latter claimed Facebook did not have rights for the term 'facebook'. Think founder Aaron Greenspan had filed a petition to cancel the trademark for the name “Facebook” under the claim that it was a generic term and that he was the originator of that term. Under the settlement, Think will not continue to pursue the filing at the U.S. Patent and Trademark Office.

Aaron Greenspan attended Harvard along with Facebook's founder and CEO Mark Zuckerberg in the early 2000s. In 2003 Think launched HouseSystem, a portal for students attending the University, which had a section called “The Universal Facebook” or “The Facebook.”

Zuckerberg issued the following statement after the settlement: "Aaron and I studied together at Harvard and I've always admired his entrepreneurial spirit and love of building things." He added, "I appreciate his hard work and innovation that led to building houseSYSTEM, including the Universal Face Book feature. At school, I was even a member of houseSYSTEM. We are pleased that we've been able to amicably resolve our differences."

Greenspan also commented. "I am glad that my contributions have been recognized by Facebook. Mark has built a tremendous company at Facebook, and I wish them continued success in the future," he said. He also made the claim that 'facebook' and 'face book' are generic terms and therefore not subject to copyright. As a result of the settlement, however, he will not be able to market his book "Authoritas: One Student's Harvard Admissions and the Founding of the Facebook Era" using the term facebook.

Details about the amount for which the two companies settled were not disclosed but it should be a large sum following a previous settlement between Facebook and ConnectU, a rival service at Harvard, which apparently involved $65 million.