Winklevoss Twins must accept $65 million settlement

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“At some point, litigation must come to an end. That point has been reached”, wrote Judge Alex Kozinski, the chief judge for the 9th U.S. Circuit Court of Appeals, in a ruling for a unanimous three judge panel who heard the now famous lawsuit made by the Winklevoss twins against founder and CEO of social networking giant Facebook.

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The Winklevoss twins several years ago sued Facebook CEO Mark Zuckerberg, claiming that they, not Mr. Zuckerberg, were the creators of Facebook.  The twins, who attended Harvard at the same time as Zuckerberg in 2002-2004 when  he created the first Facebook website, were, in 2008 awarded a $65 settlement comprised of $45 million in Facebook stock and $20 million in cash.

 

However, Cameron and Tyler Winklevoss reopened the case and argued that the $65  million settlement is not fair, because Facebook did not reveal important information to them during talks.  However Judge Kozinski does not agree, writing that the twins had a team of lawyers helping them and they were themselves sophisticated negotiators.

 

Jerome Falk Jr., attorney for the brothers said he respectfully disagrees with the three judge panel and his clients will try to get another hearing from a larger group of 9th Circuit judges, although very few cases go through such a review.  If the twins are not granted a rehearing from the 9th Circuit judges there last recourse is to appeal to the U.S. Supreme Court.


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Author: David John Walker

Dave has a B.A. in Mathematics, loves writing and reading about the latest developments in technology and social media, and has been working as a freelance writer for five years.

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