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Winklevoss twins lose appeal to overturn Facebook settlementBy Hanleigh Daniels 12 April 2011 | Categories: news
Cameron and Tyler Winklevoss, the twins popularised by the movie The Social Network, need to move on from their longstanding courtroom feud with Facebook.
According to Mashable, a U.S. appeals court on Monday upheld the original $65 million (approx. R434 million) settlement, in spite of the Winklevosses’ claim that Facebook had not revealed an accurate valuation of the company to them whilst they were in discussions over the settlement.
The twins have been involved in an ongoing courtroom action against the social networking company, ever since their claim that Facebook co-founder and CEO Mark Zuckerberg stole their idea for what now has become the world’s most popular social-networking site.
Although Zuckerberg and Facebook dispute these allegations, a settlement was reached in 2008, but the Winklevoss bros continued the legal course of action in order to renegotiate the financial terms of the original settlement.
“The Winklevosses are not the first parties bested by a competitor who then seek to gain through litigation what they were unable to achieve in the marketplace,” chief judge Alex Kozinski stated in his ruling.
“And the courts might have obliged, had the Winklevosses not settled their dispute and signed a release of all claims against Facebook.”
Chief Judge Kozinski ended of his ruling with, “At some point, litigation must come to an end. That point has now been reached.” It does not seem though that his message got through to the twins.
“I appreciate the Ninth Circuit’s thorough discussion of the issues. However, I respectfully disagree with the Ninth Circuit’s conclusions,” read a statement by Jerome Falk, their appellate lawyer. “In my judgment, the opinion raises extremely significant questions of federal law that merit review by the entire Ninth Circuit Court of Appeals. For that reason, my colleagues and I will file a Petition For Rehearing En Banc within the next fifteen days.”
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