Winklevoss twins must accept Facebook deal

 

Court rules in Facebook's favour.

Cameron and Tyler Winklevoss cannot back out of a settlement with giant social networking firm Facebook over claims that Chief Executive Mark Zuckerberg stole their idea, a US appeals court ruled on Monday.

The saga of the Winklevoss twins and Zuckerberg became silver screen lore with the release of the film "The Social Network" last year. It has long been a legal battle as well.

The Winklevoss twins, along with Divya Narendra, started a company called ConnectU while at Harvard. They say that Zuckerberg stole their idea. Facebook denies these claims.

The three had agreed to a settlement that had been valued at US$65 million. But they argue that based on an internal valuation that Facebook did not disclose, they should have received more Facebook shares as part of the deal.

A lower court had granted Facebook's request to enforce the settlement, and on Monday the 9th U.S. Circuit Court of Appeals agreed.

"At some point, litigation must come to an end," Chief Judge Alex Kozinski wrote. "That point has now been reached."

Attorneys for the Winklevoss twins did not immediately respond to a request for comment.

Facebook deputy general counsel Colin Stretch said the company appreciated the court's careful consideration of the case, and was "pleased" it ruled in their favour.

The case in the 9th Circuit is The Facebook Inc v. ConnectU Inc. 08-16745.

(Reporting by Dan Levine, editing by Gerald E. McCormick)

 


Winklevoss twins must accept Facebook deal
 
 
 
Top Stories
First look: Microsoft Outlook for iOS
[Update] Office productivity suite for iOS completed with Outlook.
 
NewSat defaults on $26m in overdue Lockheed payments
Jabiru-1 satellite build hits further hurdles.
 
IBM denies plans to cut 112k jobs
But admits to further restructuring.
 
 
Sign up to receive iTnews email bulletins
   FOLLOW US...
Latest Comments
Polls
Who do you trust most to protect your private data?







   |   View results
Your bank
  36%
 
Your insurance company
  5%
 
A technology company (Google, Facebook et al)
  9%
 
Your telco, ISP or utility
  8%
 
A retailer (Coles, Woolworths et al)
  4%
 
A Federal Government agency (ATO, Centrelink etc)
  18%
 
An Australian law enforcement agency (AFP, ASIO et al)
  14%
 
A State Government agency (Health dept, etc)
  7%
TOTAL VOTES: 3086

Vote
Do you support the abolition of the Office of the Information Commissioner?

   |   View results
I support shutting down the OAIC.
  27%
 
I DON'T support shutting the OAIC.
  73%
TOTAL VOTES: 982

Vote