Facebook, Yahoo tie up, settle lawsuits

Facebook Inc and Yahoo Inc agreed to forge a broad Internet advertising and licensing partnership on Friday, laying to rest their dueling patent lawsuits.

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The pact settles accusations of technology patent infringement that began under the stewardship of ex-Yahoo CEO Scott Thompson, ousted after a scandal erupted over inaccuracies in his resume. Sources tell Reuters interim CEO Ross Levinsohn is now the front runner for the top job.