Cameron and Tyler Winklevoss had their appeal of an earlier settlement with Facebook regarding its founding and intellectual property throw out of the U.S. Court of Appeals today. After settling with Mark Zuckerberg and Facebook back in 2008, they believed Facebook undervalued themselves in the case leading to a lower settlement. Bu the appeal has been thrown out.
Upon seeing the Social Network last Fall, you might have really thought the Winklevoss twins got hosed and deserved a lot more than the $65 million settlement they received from Facebook, a company that’s made Mark Zuckerberg worth billions. Well they thought so too so they took the social network back to court and demanded a more substantial figure after believing that Facebook underestimated its actual value during that court case. But unfortunately for the Winklevi, their appeal has been thrown out.
A U.S. Appeals Court ruled that the twins, Cameron and Tyler Winklevoss will not be able to negotiate for a new settlement from Facebook, which they believed undervalued itself. While Zuckerberg and Facebook firmly deny the Winklevoss’ allegations of stealing their idea, they did agree to settle on a $65 million settlement back in 2008.
Chief Judge of the case Alex Kozinski had this to say, firmly in the camp that the Winklevi had no legal leg to stand on: "For whatever reason, they (the Winklevosses) now want to back out. Like the district court, we see no basis for allowing them to do so. At some point, litigation must come to an end. That point has now been reached.”