2011/06/23

Winklevoss twins won't take Facebook to Supreme Court

SAN FRANCISCO, June 23, 2011 (AFP) - Tyler and Cameron Winklevoss have opted not to go to the US Supreme Court with their bid to get out of a deal they made in a lawsuit charging that Mark Zuckerberg stole their idea for Facebook.

Lawyers filed legal paperwork on Wednesday saying that the twin brothers will not ask the top court in the nation to overturn a decision the US 9th Circuit Court of Appeals made siding with Facebook.

A spokesman for the attorneys declined comment on the decision to abandon the suit and said the Winklevoss brothers had no statement.

The US 9th Circuit Court of Appeals in May rejected a bid by the identical twin brothers to have a full panel of 11 judges second guess a ruling made a month earlier by a three-justice panel.

The three-judge panel said that litigation in the case "must come to an end" and threw out the bid by the Winkevosses to review the settlement.

The twins had argued that Facebook held back information about the estimated value of the California-based social networking firm while reaching a $65 million dollar settlement with the brothers.

The twins inked a settlement two years ago that got them $20 million in cash and $45 million worth of stock valued at $36 per share.

The value of that yet-to-be-issued stock has skyrocketed along with Facebook's estimated market value.

The brothers challenged the settlement, which was supposed to be confidential, on the grounds that Zuckerberg suckered them during settlement talks by not revealing Facebook internally valued the stock at $9.

The lower figure would have resulted in the Winklevoss twins getting many more shares.