Winklevosses taking Facebook case to top US court

Advertisement
By Agence France-Presse | Updated: 5 June 2012 02:08 IST
Highlights
  • Tyler and Cameron Winklevoss are taking their beef against Facebook co-founder Mark Zuckerberg to the US Supreme Court.
Tyler and Cameron Winklevoss are taking their beef against Facebook co-founder Mark Zuckerberg to the US Supreme Court.

An attorney for the twin brothers said they will ask the top court in the nation to give them another shot at getting out of a deal they made, in a lawsuit charging that Zuckerberg stole their idea for the social network.

Attorney Jerome Falk Jr. said the Supreme Court is the next stop since the US Ninth Circuit Court of Appeals on Monday rejected a bid by the identical twin brothers to have a panel of 11 judges second guess a ruling made in April by a three-justice panel.

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

Facebook said in a concise statement that it was pleased with the court's decision.

The Supreme Court, which is called upon when lower federal courts render conflicting decisions regarding points of law, would have the option of not hearing the matter.

An attorney for the twins has argued that Facebook held back information about the estimated value of the California-based social networking firm while reaching a $65 million dollar settlement with the brothers.

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.

"The Winklevosses are not the first parties bested by a competitor who then seek to gain through litigation what they were unable to achieve in the marketplace," the three-judge panel said in their ruling.

"With the help of a team of lawyers and a financial advisor, they made a deal that appears quite favorable in light of recent market activity."

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."

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
Popular Mobile Brands
  1. New OTT Releases This Week : Dhurandhar 2, Maa Behen, The Pyramid Scheme, and More
  2. Xiaomi Pad 8 Price Increased: Here's How Much It Costs Now
  1. Sahara Meteorite May Be Fragment of a Lost Moon-Sized World, Study Suggests
  2. OpenAI Introduces Smarter ChatGPT Memory, Adds Dreaming Architecture
  3. Tecno Pova 8 India Launch Date Announced; Battery Size, Design, Colour Options Teased
  4. Samsung Reportedly Starts Internal Testing of Android 17-Based One UI 9 for Galaxy S25 Series
  5. Bybit Lists Western Union’s USDPT Stablecoin for Trading and Transfers
  6. Xiaomi Pad 8 Price Hiked in India: Here’s How Much It Costs Now
  7. Instagram Reels Influencing Nearly Half of Purchase Decisions in India, Meta Study Claims
  8. OnePlus Turbo 6X, OnePlus Turbo 6X Pro Colour Options, Price Range, Key Specifications Teased
  9. Sattendru Maarudhu Vaanilai Now Streaming Online: Where to Watch Jai’s Romantic Thriller Movie
  10. Asics GEL-Kayano 33 Launched in India With New Stability Tech, FluidSupport System
Download Our Apps
Available in Hindi
© Copyright Red Pixels Ventures Limited 2026. All rights reserved.