Winklevoss twins seek another Facebook hearing

Advertisement
By Agence France-Presse | Updated: 5 June 2012 02:13 IST
Highlights
  • Tyler and Cameron Winklevoss asked on Monday for a rehearing of a court ruling that they can't back out of the settlement deal they made in a lawsuit charging that Mark Zuckerberg stole their idea for Facebook.
Tyler and Cameron Winklevoss asked on Monday for a rehearing of a court ruling that they can't back out of the settlement deal they made in a lawsuit charging that Mark Zuckerberg stole their idea for Facebook.

Jerome Falk, an attorney for the identical twin brothers, saidthey had asked that last week's ruling by a three-judge panel of the 9th USCircuit Court of Appeals be heard by the entire 11 judges.

The three-judge panel said last week that litigation in the case "must come to an end" and threw out the bid by the Winkevosses to review the settlement.

"Most people agree that settlement of litigation is a good thing," Falk said in a statement. "But settlements should be based on honest dealing.

"Courts have wisely refused to enforce a settlement obtained by fraudulent means," he said. "The panel's decision shut the courthouse door to a solid claim that Facebook obtained this settlement by committing securities fraud.

"Our petition asks the full 9th Circuit to reopen that door."

The Winklevosses claim they enlisted Zuckerberg to finish software code for their ConnectU social-networking website while they were all students at Harvard University in 2003.

Zuckerberg, a second year student at the time, took their code and their idea and launched Facebook in February 2004 instead of holding up his end of the deal, according to the brothers. Facebook rejects that account.

Hollywood made the saga famous in the hit film "The Social Network."

The twins inked a settlement two years ago that got them $20 million in cash and $45 million worth of stock valued at $36 per share.

The value of that yet-to-be-issued stock has skyrocketed along with Facebook's estimated market value, which was placed at $50 billion early this year.

The brothers challenged the settlement, which was supposed to be confidential, on the grounds that Zuckerberg suckered them during settlement talks by not revealing Facebook internally valued the stock at $9.

The lower figure would have resulted in the Winklevoss twins getting many more shares.

Facebook has said it was under no obligation to volunteer the stock option information during settlement negotiations and that the information was not intentionally withheld.

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.

Advertisement

Related Stories

Popular Mobile Brands
  1. Samsung Galaxy F70 Pro 5G Debuts in India With These Features
  2. Google Pixel 11 Series Could Start at $899; Specifications Surface Online
  3. Oppo Find X10 Series Certification Reveals New Software Details
  4. Sony Launches 115-inch BRAVIA 9 II True RGB TV in India
  5. Vivo S2 Key Specifications Teased Ahead of August 6 India Launch
  6. iQOO Neo 11S Specifications Leaked Online Ahead of Launch
  7. Oppo A7 Pro Max Rear Camera Features Revealed
  8. Poco M8 Power Will Launch in India With This Rear Camera Setup
  9. Amazon Great Freedom Sale: Top Deals on Smartphones Revealed
  10. Dragon's Dogma 2 Is Getting a Hard Mode and a 60 FPS Update on Consoles
  1. Boltt Smartphone India Launch Date Announced; Flipkart Microsite Goes Live
  2. OnePlus Independence Day Sale 2026 Announced: Discounts on OnePlus 15, OnePlus 15R, Nord CE 6, More
  3. Oppo F35 Series India Launch Tipped for Early September; Find X9s Pro Could Follow
  4. Binance Announces Delisting of Six Tokens, Sets August 7 Futures Deadline
  5. Skullcandy Aviator 900 ANC Launched in India With Up to 60 Hours of Battery Life
  6. Dragon's Dogma 2 Is Getting a 60 FPS Update on Consoles and a Hard Mode Ahead of Dark Arisen Expansion
  7. ZeroStack Faces Survival Challenge After Posting $82.5 Million Loss
  8. Sony Bravia 9 II 115-inch True RGB TV Launched in India With Backlight Master Drive Pro Tech: Price, Specifications
  9. iQOO Neo 11S Leak Hints at Bigger Battery, Custom Dimensity 9500 SoC
  10. Oppo Find X10 Ultra Leak Hints at 200-Megapixel Camera Upgrade, Premium Price Tag
Download Our Apps
Available in Hindi
© Copyright Red Pixels Ventures Limited 2026. All rights reserved.