The lawsuit filed by Finkelstein and Krinsk claimed class action status and called on the federal court to bar Instagram, Inc. from changing its rules. Changes to the Instagram privacy policy and terms of service had included wording that allowed for people's pictures to be used by advertisers at Instagram or Facebook worldwide, royalty-free. Instagram last week tried to calm a user rebellion by apparently backing off the changes, due to come into effect from January. But the class action lawsuit, filed in a district court in San Francisco, alleges that customers canceling with Instagram will still forfeit their rights to any photos that they had previously shared on the service. Tens of thousands of Instagram users in the state of California are eligible to join the class action lawsuit.

Burbn, Inc. (Instagram) is poised to raise a new round of financing that will value the company as much as $500 million, people familiar with the situation said.

Burbn, Inc. Presents at Giga Omni Media, Inc.'s Mobilize 2011, Sep-27-2011 09:25 AM. Venue: Mission Bay Conference Center at UCSF, 1675 Owens Street, San Francisco, CA 94158, United States. Speakers: Kevin Systrom, Co-Founder and Chief Executive Officer.