Instagram hit with proposed class-action lawsuit

The updated terms of service, introduced last Monday (though Instagram has since beckpedaled), would "transfer valuable property rights to Instagram while simultaneously relieving Instagram from any liability for commercially exploiting customers' photographs and artistic content, while shielding Instagram from legal liability," reads the suit.

"In short," the suit says, "Instagram declares that 'possession is nine-tenths of the law and if you don't like it, you can't stop us.'"