Snapchat’s founders have quietly announced that they have settled a long-standing lawsuit with a former colleague, while all eyes were on the launch of Apple’s iPhone 6. Chief Executive Evan Spiegel and Chief Technology Officer Robert Murphy acknowledged that their former fraternity brother, Frank Reginald Brown IV, was integral to the birth of their popular app, where 700 million disappearing messages are sent every day. The settlement comes just a fortnight after Snapchat was valued at £6 billion ($10 billion). Snapchat's Chief Executive Evan Spiegel (pictured left)  and Chief Technology Officer Robert Murphy (right) acknowledged that their former classmate, Frank Reginald Brown IV, was integral to the birth of their popular app, from which 700 million disappearing messages are sent every day
@highlight
Announcement was made while all eyes were on Apple's launch
@highlight
Snapchat's CEO and CTO acknowledged Reggie Brown 'came up with the idea of creating an application for sending disappearing picture messages'
@highlight
Settlement comes weeks after Snapchat was valued at £6 billion ($10 billion)
@highlight
Final settlement has resolved all disputes, but is confidential
'From spring of 2011 and into the summer,' reads Brown's filing, '[Brown] and @placeholder and Murphy lived, worked, developed and launched the Application together.'