Winklevoss Twins File Yet Another Motion in $65 Million Case Against Facebook
Their lawyers have asked a federal appeals court to reconsider an order that they accept a $65 million settlement in a dispute about the social network’s creation.
NEW YORK -- The Winklevoss twins are looking to continue their legal battle against Facebook.
Cameronand Tyler Winklevoss have asked a federal appeals court to reconsider an order that they accept a $65 million settlement in a dispute over the social networking site's creation, citing federal and state precedents, according to the Wall Street Journal. The twins had claimed in a lawsuit that Facebook CEO Mark Zuckerberg stole their idea for the social network. In a 2008 settlement, depicted in the Oscar-nominated Social Network, the two got $20 million in cash and Facebook stock in exchange for dropping their suit.
A three-judge panel last week ruled against the twins who argued they should have gotten more money, because Facebook had not disclosed an accurate valuation.
Now, their lawyers have asked the court for a special 11-judge panel to mull their appeal. In their petition to reconsider, their lawyers said the settlement was based on a "garden-variety securities fraud" by Facebook, according to the Journal.