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May 17, 2011

Winklevoss twins lose bid to reopen Facebook case

Davao Tours B | May 17, 2011

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the Winklevoss
Reuters- Cameron and Tyler Winklevoss Twin brothers who accused Facebook Inc and its founder Mark Zuckerberg of stealing their idea for the social networking website, failed to convince the 9th U.S. Circuit Court of Appeals in San Francisco to reconsider its April 11 ruling upholding the $65 million cash-and-stock settlement they reached with Facebook in 2008.

The brothers had complained the settlement was fraudulent because Facebook hid information from them.
Chief Judge Alex Kozinski called them "sophisticated parties" who, with a team of lawyers and a financial adviser, had reached a "quite favorable" settlement.

The Winklevoss were classmates of Zuckerberg at Harvard University and are rowers who competed in the 2008 Beijing Olympics. Their feud with Zuckerberg was dramatized in the 2010 film "The Social Network."

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