Google recently announced the launch of its new business venture, Google Wallet. Last week, PayPal and eBay sued Google over Google Wallet, saying that the service was developed by former PayPal and eBay employees who had illegally shared trade secrets and intellectual property with Google. PayPal and eBay are alleging breach of contract and misappropriation of trade secrets in the development of Google Wallet because former employees of both companies were instrumental in Google's new online payment service.
The business world was buzzing this week over the acquisition of EBay-owned Skype by Microsoft Corp. The acquisition was official as of Tuesday. In the deal, Skype was purchased from investors for $8.5 billion.