9th Circuit Says No to Tossing Facebook Settlement
Posted Apr 11, 2011 2:58 PM CDT
By Stephanie Francis Ward
Cameron and Tyler Winklevoss, twin brothers who claim that Facebook was their idea, lost their federal appeal today to strike a settlement they reached about the social media site, founded by their former Harvard University classmate Mark Zuckerberg.
According to Bloomberg, the parties in 2008 agreed to settle for $65 million in cash and stock. The Winklevoss twins argued that because Facebook did not disclose an accurate value of its shares when the settlement was reached, the agreement should be voided.
“For whatever reason they now want to back out,” Chief Judge Alex Kozinski wrote for the San Francisco-based 9th U.S. Circuit Court of Appeals, posted on CourtListener. “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.”