Cameron and Tyler Winklevoss must accept their $65 million settlement from Facebook and move on.
A U.S. appeals court ruled Monday that the settlement -- which was featured in the movie "The Social Network" -- still stands, despite the Winklevosses' claim that Facebook did not disclose an accurate valuation.
The suit stems from the Winklevosses' claim that Facebook co-founder and CEO Mark Zuckerberg stole their idea for the social-networking site.
Mark Zuckerberg and Facebook deny the allegations, but agreed to settle in 2008. Since then, the Winklevoss twins have attempted to secure a higher settlement by claiming that Facebook is guilty of securities fraud.
"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 wrote in today's ruling.
"And the courts might have obliged, had the Winklevosses not settled their dispute and signed a release of all claims against Facebook."
With both the district court and appeals court in agreement, it seems this may be the end of the Winklevosses' claim to any additional shares of Facebook.
"For whatever reason, they (the Winklevosses) now want to back out. Like the district court, we see no basis for allowing them to do so," Kozinski wrote. "At some point, litigation must come to an end. That point has now been reached."
COMMENTARY: You can bet that Zuck and his army of high-priced attorney's are slapping high fives and celebrating with the news that the Winklevoss claims have been dismissed by the 9th District, U.S. Court of Appeals. The Court claims these two punks were savvy enough to know what they were doing when they originally settled with Zuck and company.
The original case was brought against Mark Zuckerberg and Facebook in 2004 by twins Tyler and Cameron, along with their partner Divya Narendra. The twins and Narendra were the founders of Harvard Connection, also a social networking site. In 2003, Harvard Connection hired Zuckerberg to write some code for their website--and somehow, just a couple of weeks later, Zuckerberg launched thefacebook.com. The Winklevoss twins were so enraged that they filed a lawsuit.
The Winklevoss twins received an out-of-court settlement of $65 million 2008. In December 2010, after learning that Facebook was valued at $41 billion, reopened the case and filed a complaint claiming they deserved more money.
These two spoiled twins are from wealthy eastern families, were born into money, are both Harvard grads, and they they aren't satisifed with $65 million? What a bunch of greedy pathetic excuse for human beings. Live with it punks. "Which part don't you understand?" Zuck kicked your behinds. You didn't invent Facebook, you invented a crummy social network site called Harvard Connection, which last time I looked, was some kind of online university.
Courtesy of an article dated Aprill 11, 2011 appearing in CNN Tech
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Posted by: H Miracle Review | 04/21/2011 at 05:19 PM