Results 1 to 1 of 1
  1. #1
    Runner Up - Admins Awards
    Join Date
    Dec 2009


    Default Winklevoss twins give up the Facebook claim

    Follow us on Social Media

    The Winklevoss twins and friend Divya Narendra have decided to drop their long-drawn legal battle with Facebook and its founder and CEO Mark Zuckerberg, and accept an earlier $65 million settlement.

    Tyler and Cameron Winklevoss and Harvard classmate Divya Narendra on Wednesday said in a filing through their lawyers to the U. S. Court of Appeals for the Ninth Circuit that "after careful consideration" they would not appeal to the U.S. Supreme Court.

    The twins, who claimed that they, and not Zuckerberg, came up with the idea for Facebook, settled in 2008 in a cash-and-stock deal. They subsequently tried to undo the settlement, saying they were misled by Facebook about the value of the company's shares they received as part of the deal. The Harvard students filed their original suit against the social network in 2004 accusing Facebook CEO and fellow student Mark Zuckerberg of ripping off their CONNECTU idea, and subsequently creating Facebook.

    A fight that inspired a Oscar-winning movie 'The Social Network' seen its finale when in the one-paragraph court filing, Cameron and Tyler said they would accept the USD 65 million settlement and "careful consideration" they would not file a petition to take their battle to the Supreme Court.

    The Winklevoss twins did not give a reason for deciding not to appeal to the Supreme Court. As the court's decision to stay issuance of the mandate in the case was premised upon the possibility of further appellate review, the "appellants no longer oppose issuance of the mandate, and have no objection to vacatur of the stay of issuance of mandate", according to the filing.

    Facebook spokesman Andrew Noyes said in a statement: "We have considered this case closed for a long time, and we are pleased to see the other party now agrees."

    The Court of Appeals had in May rejected a bid by the twins to have a panel of 11 judges to review a ruling made earlier by a three-justice panel.

    The three-judge panel had said that the litigation in the case "must come to an end" and threw out the bid by the Winkevosses to review the USD 65 million settlement.
    ...being a human...



Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts