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  4.  » Winklevoss twins not ready to end litigation with Facebook

Winklevoss twins not ready to end litigation with Facebook

| Apr 19, 2011 | Commercial Litigation, Intellectual Property |

Cameron and Tyler Winklevoss are not ready to give up their fight against Facebook founder Mark Zuckerberg for allegedly stealing their idea to create a social networking site. According to Bloomberg Businessweek, the twins have appealed the decision of a three-judge appeals court panel and asked that the case be reviewed by a larger panel of judges of the U.S. Court of Appeals in San Francisco.

The three-judge panel ruled last week that litigation needed to end in the case because the Winklevosses and another business partner, Divya Narenda, signed an agreement as part of a 2008 settlement that they would stop pursuing claims against Facebook. Facebook and the twins and Narenda reached a settlement in 2008 in the original case.

The Winklevosses decided to bring Facebook back to court, however, because they claim that the company fraudulently undervalued their shares in the settlement agreement, which they argue should void the settlement agreement. Facebook has said that it was the plaintiffs’ responsibility to determine the value of shares.

The shares in the company given to the Winklevosses in the settlement are now worth $100 million more than they were when the case was settled because of the skyrocketing value of the business. The twins are risking losing that money by trying to void the settlement and bring the case back to court, but they have said before that it is a matter of principle.

The twins claim that they hired Zuckerberg to help them create a social networking site called ConnectU when all, including Narenda, were students together at Harvard. They say that Zuckerberg stalled in his work for them while secretly creating his own social networking site, which he later launched on his own.

Source:

Winklevosses Seek Again to Re-Open Facebook Settlement (Bloomberg Businessweek)

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