Winklevoss Twins' Facebook Settlement Case Continued in California Court Tuesday

winklevoss-twins-2011
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SAN FRANCISCO - JANUARY 11:  Cameron (L) and Tyler Winklevoss leave the U.S. Court of Appeals on January 11, 2011 in San Francisco, California. Twin brothers and former Harvard University classmates Cameron and Tyler Winklevoss are requesting that a three-judge panel of the U.S. Court of Appeals in San Francisco to void a 2008 agreement to pay the twins $65 million citing that Facebook did not give an accurate valuation of its shares before agreeing to pay the settlement.

Few new details emerged as a trio of appeal judges, who were reluctant to reopen the 2004 case, listened to testimony in San Francisco.

A trio of California judges listened to testimony today in the ongoing and recently relaunched legal battle between Facebook CEO Mark Zuckerberg and former business partners Cameron and Tyler Winklevoss, reports The Wall Street Journal.

The twin brothers, who were portrayed in The Social Network by actor Armie Hammer, were in San Francisco Tuesday, where judges from the Ninth Circuit Court of Appeal reviewed the Winklevoss' proposal to have a 2008 settlement between themselves and Zuckerberg tossed.

The brothers claim Zuckerberg stole their idea for Facebook and initially received $20 million in cash and $45 million in Facebook stock to drop the charges against their former business colleague.

At issue for the judges to consider was whether or not the twins were misled by Zuckerberg into accepting a relatively low figure in the 2008 payout, which their lawyers argue did not match the multi-billion dollar valuation of Facebook.

Tuesday's hearing presented little new information and the judges seemed reluctant to reopen the case. A verdict is expected to be announced later this year.

E. Joshua Rosenkranz, a lawyer for Zuckerberg, dismissed the Winklevoss' relaunched claims by proclaiming that the twins "struck a deal that made them very, very rich, and it is making them richer by the day. At some point it is time to move on."