dcsimg

Court Says Winklevoss Twins Must Live with Facebook Settlement

Lora Bentley

Cameron and Tyler Winklevoss, the twin brothers and founders of ConnectU who sued Mark Zuckerberg and Facebook for stealing their idea for a collegiate social network, reached the end of the road on Monday. The U.S. Court of Appeals for the Ninth Circuit ruled they cannot undo the settlement agreement into which they entered with Zuckerberg in 2008.

 

According to The Mercury News, Chief Judge Alex Kozinski wrote in the unanimous decision:

At some point, litigation must come to an end. That point has now been reached.

He pointed out that the twins were well aware of what they were doing when they agreed to the settlement and were sufficiently advised by the "half-a-dozen attorneys" they brought to mediation.

 

The settlement provided for a $20 million cash payment and partial ownership of Facebook, the story says. The brothers argued they had been led to believe the company shares were worth upwards of $35 each, when for tax purposes, Facebook placed the value at just less than $9 per share. Had they been aware of the lower valuation, they would have sought more money.

 

Because of Facebook's current valuation, the settlement is now worth at least $160 million.


Subscribe to our Newsletters

Sign up now and get the best business technology insights direct to your inbox.


 

By submitting your information, you agree that itbusinessedge.com may send you ITBbusinessEdge offers via email, phone and text message, as well as email offers about other products and services that ITBbusinessEdge believes may be of interest to you. ITBbusinessEdge will process your information in accordance with the Quinstreet Privacy Policy.




Add Comment      Leave a comment on this blog post

Post a comment

 

 

 

 


(Maximum characters: 1200). You have 1200 characters left.

 

null
null

 

Subscribe to our Newsletters

Sign up now and get the best business technology insights direct to your inbox.


 

By submitting your information, you agree that itbusinessedge.com may send you ITBbusinessEdge offers via email, phone and text message, as well as email offers about other products and services that ITBbusinessEdge believes may be of interest to you. ITBbusinessEdge will process your information in accordance with the Quinstreet Privacy Policy.

Subscribe to our Newsletters

Sign up now and get the best business technology insights direct to your inbox.


 

By submitting your information, you agree that itbusinessedge.com may send you ITBbusinessEdge offers via email, phone and text message, as well as email offers about other products and services that ITBbusinessEdge believes may be of interest to you. ITBbusinessEdge will process your information in accordance with the Quinstreet Privacy Policy.


×
We have made updates to our Privacy Policy to reflect the implementation of the General Data Protection Regulation.