Skip to main content

Winklevoss twins end appeal of Facebook settlemen


Olympic rowing twins Cameron and Tyler Winklevoss have decided not to appeal to the Supreme Court a ruling upholding their $65 million settlement with Facebook Inc and its founder Mark Zuckerberg, signaling the possible end of the long-running dispute.
The 2008 accord was intended to resolve a feud over whether Zuckerberg stole the idea for what became the world's most popular social networking website from the Winklevosses, who like him had attended Harvard University. Their battle was dramatized in the 2010 film "The Social Network."
After agreeing to the cash-and-stock accord, the Winklevosses sought to undo it, saying it was fraudulent because Facebook hid information from them, and that they deserved more money.
The 6-foot 5-inch (1.96-meter) twins, who competed in the 2008 BeijingOlympics, had been planning to appeal an April 11 ruling by a federal appeals court in San Francisco upholding the settlement, which that court called "quite favorable."


But in a filing on Wednesday with that court, the Winklevosses said that after "careful consideration," they decided not to seek Supreme Court review. The filing did not give a reason for the decision.
Zuckerberg created Facebook in 2004 in his Harvard University dormitory room.
The California case had been brought by ConnectU Inc, which the Winklevosses set up with another Harvard student, Divya Narendra, who joined in Wednesday's filing.
Facebook, in a statement, said: "We've considered this case closed for a long time, and we're pleased to see the other party now agrees."
Jerome Falk, a lawyer for the Winklevosses and Narendra, did not immediately return requests for a comment.
Wednesday's filing clears the way for Facebook to seek the dismissal of a related lawsuit filed in Boston federal court.
Analysts have estimated that Palo Alto, California-based Facebook could be worth $70 billion or more should it conduct an initial public offering, perhaps in early 2012.
Facebook could be worth more than $100 billion in an IPO, CNBC television estimated last week.
The case is Facebook Inc et al v. ConnectU Inc et al, 9th U.S. Circuit Court of Appeals, No. 08-16745.
Labels:

Comments

Post a Comment

Popular posts from this blog

Ukrainians injured as police dismantle Kiev 'tent city'

At least 10 demonstrators have been injured in clashes with Ukrainian police and another 100 detained in the capital Kiev after authorities began dismantling a makeshift "tent city" protesting against corruption. The tent city was set up in October by supporters of Mikheil Saakashvili, a former president of Georgia who has become an opposition politician in Ukraine. Saakashvili, a critic of corruption in Ukraine, was deported to Poland in February. He said he was "kidnapped" by Ukrainian authorities and removed from the country against his will. Andriy Kryshchneko, police chief of police, said at the camp on Saturday that "two court decisions" allowed authorities to search and dismantle the camp. Police said that explosives and other weapons were found at the scene
Post a Comment
Read more

ASSIGNING OF PREFERENTIAL NUMBERS FOR LG POLLS COMPLETED

The Election Secretariat announced that assigning preferential numbers for candidates of the Local Government election to be held for 67 bodies has been completed. Preparations are currently underway to hold the polls under the 2010 electoral register, Additional Elections Commissioner W.P. Sumanasiri said. The electoral register of the year 2010 is scheduled to be certified on June 31.
Post a Comment
Read more

DEFENCE MINISTRY TO INVESTIGATE CHANNEL 4 FOOTAGE

The channel-four footage was an attempt by certain international powers to undermine the country’s economic strength following their failed war agenda, External Affairs Minister Prof. G.L. Peiris stated. Speaking at a press conference at the Foreign Ministry today (June 21) he said that the Defence Ministry will investigate the controversial footage. Meanwhile, Minister Peiris added that with President Mahinda Rajapaksa’s visit to Russia and the strengthening of ties between the two nations, the government will implement a special programme to encourage more tourists from Russia.
Post a Comment
Read more