Winklevoss Twins' Lawsuit Claims Facebook Misrepresented Company's Value

SAN FRANCISCO — Former Harvard University classmates of Facebook founder Mark Zuckerberg want to throw out a $65 million settlement of their lawsuit that alleged the social network was their idea.

Lawyers for twins Tyler and Cameron Winklevoss argued their case before the 9th U.S. Circuit Court of Appeals on Tuesday. They claim they were duped into agreeing to the 2008 settlement after Facebook lawyers and executives misrepresented the value of the company.

But the three-judge appeals panel appeared reluctant to reopen the case. According to the San Jose Mercury News, the judges noted that the Winklevosses were well-educated and had good legal advisers at the time, so they should have known what they were getting into.

The panel did not issue an immediate ruling.

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Information from: San Jose Mercury News, http://www.sjmercury.com

Comments

[KarenYoung]

02:23 PM on 02/26/2011

Young v. Facebook, Inc.
Facebook Account Deletion Lawsuit
http://facebookaccountdeletion.blogspot.com/
Or write - [e-mail]

[MikeElPaso]

12:01 AM on 02/09/2011

Watched them on Piers Morgan's show. Though they were classy and intelligent. Lot of the comments on this thread strike me as the kinds of "elitist" attacks we hear from the likes of SP.

[mratcheson]

09:31 PM on 02/12/2011

I'm watching it now. And of course they are intelligent and even classy, they are rich kids who went to Harvard. I wouldn't expect them to behave any other way.

[mratcheson]

09:36 PM on 02/12/2011

Nonetheless, they don't think they've been fairly compensated for their idea, assuming it really was their idea? A successful business is a result of work, hard work, and they had nothing to do with that.

I'd like to amend my previous comment to "Of course they seem intelligent and classy. They are rich kids who went to Harvard. I wouldn't expect them to seem any other way."

They do deserve credit for being Olympic athletes, they certainly worked for that.

[every day]

12:52 PM on 01/30/2011

Boo freaking hoo. Cry me a river.

[Karpo]

11:30 PM on 01/14/2011

$65 million in cash and Facebook stock, sixth place for rowing at the 2008 Beijing Olympics, Harvard education, and a movie that depicts Facebook co-founder and CEO Mark Zuckerberg as a slime ball... what more do the Winklevoss twins want?

[Anne Mccormick]

01:36 PM on 01/14/2011

they don't want the shares that were offered; these twins will settle for nothing less than complete control of Facebook. these two see dollar signs in their eyes. money that the twins believe is all theirs is going elsewhere.

[williamwilliam2]

09:43 AM on 01/14/2011

They don't belong to any minority groups.

[speeedbump]

09:00 AM on 01/14/2011

I have a rule... Never extort more money from someone then it would take to have me killed.

[ajsnarr]

12:56 AM on 01/14/2011

These 2 are just cry babys move i hope judge agrees with facebook

[Marvin Hadley Jr]

04:44 PM on 01/13/2011

Tulihowller--though I did not see u on May 26, I will, er, take your word that u were there.
You seem unduly invested in the Winkelvii's legal campaign, but we all need hobbies. How many times have you seen Social Network? With a likely broader alumni net, I would suggest that the vast majority, though less pronounced in more recent classes, think the lawsuit is a fragile reed, to be polite. They are great fellows, nonetheless, and stupendous rowers. I hope they get what they deserve.

[Pagoas]

03:46 PM on 01/13/2011

they're so cute. wish i could flip them into my bed and see which one lands heads and which one tails.

[zort]

03:27 PM on 01/13/2011

Born with silver spoons in their collective mouth and will never have enough money...always grappling for more

[MG Metiva]

11:35 AM on 01/13/2011

The Winklevoss's were given what Facebook's inherent value was at the time they were awarded $65 million. It's now worth much more, but they didn't grow it so they need to go away.

[tuliehowller]

01:10 PM on 01/13/2011

....actually, the settlement was tied to shares; as FB has no IPO yet there is no actual payout. The Winklevoss's never accpeted the shares......

[Supercruize]

11:13 AM on 01/13/2011

Good news for Goldman investors. Zuckerberg has met his match?

[tuliehowller]

11:18 AM on 01/13/2011

They are both th ieves.

[greymom]

09:48 AM on 01/13/2011

What is wrong with these jokers. Did they plow through the 36 million already? What a sorry couple. They aren't even handsome anymore, just whining crybabies.

[tuliehowller]

11:19 AM on 01/13/2011

....a wee bit jea lous aren't you? And it's showing.

[harmonybringer]

09:17 AM on 01/13/2011

I thought those 2 were 2 busy creating something useful to the world...because Zuckerberg actually is...

For people who come from money, that's pitiful really!
How long are they going to fight; for how much? A billion or maybe 2?

It's about time you 2 come up with life changing products and services