Winklevoss Twins Lose Legal Battle With Facebook
1:20 PM PDT 4/11/2011 by THR staff
A U.S. appeals court ruled Monday that the $65 million settlement between Cameron and Tyler Winklevoss and Facebook still stands, despite the twins' claim that Facebook did not disclose an accurate valuation.The suit -- featured in the Oscar-nominated Social Network -- stems from the Winklevosses' claim that Facebook co-founder and CEO Mark Zuckerberg stole their idea for the social-networking site. Zuckerberg and Facebook deny the allegations, but agreed to settle in 2008. The Winklevoss twins tried to get a higher settlement by claiming that Facebook is guilty of securities fraud. But in Monday's court ruling, Chief Judge Alex Kozinski said: "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. "And the courts might have obliged, had the Winklevosses not settled their dispute and signed a release of all claims against Facebook."
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