June 22, 2011 9:53pm PT by THR staff
Winklevoss Twins Drop Facebook Lawsuit
The Winklevoss twins have dropped their lawsuit against Facebook related to the social networking site's creation, the Associated Press reported.
In a court filing Wednesday, Cameron and Tyler Winklevoss said they will accept a settlement that was worth $65 million when they agreed to it in 2008.
The twins had claimed in the lawsuit that Facebook co-founder and CEO Mark Zuckerberg stole their idea for the site. In the settlement, depicted in the Oscar-nominated movie The Social Network, the two got $20 million in cash as well as Facebook stock in exchange for dropping their suit.
But they argue that they were misled about the value of the settlement, which was less than half of what they thought it was going to be worth.
he twins have lost a series of court battles related to the lawsuit. Mostly recently, the 9th Circuit Court of Appeals in May denied their request to invalidate the settlement, and the duo said at the time that they would take the case to the Supreme Court. The Winklevoss brothers now say they have abandoned that plan.
Their stock is now worth more than $100 million.