SAN FRANCISCO | 11 April 2011
Tyler and Cameron Winklevoss, the twin brothers that hired Mark Zuckerberg to code their idea of ConnectU into a website in 2003 appealed to the 9th Circuit Court of Appeals this January to re-open a $65m legal settlement signed in 2008 with Facebook, a request that was denied at the District Court the brothers then felt compelled to appeal earlier this year. On Monday, the United States 9th Circuit Court of Appeals accordingly ruled that the Winklevosses who say Facebook was stolen from them by Mark Zuckerberg in 2003 when he was hired to code ConnectU and later used the code in 2004 to launch Facebook cannot back out of a deal they willingly made and entered into with the website and affirmed the District Court’s position.
The appeals court said there was no reason to re-open their case against Facebook, further stating that "[t]he Winklevosses are not the first parties bested by a competitor who then seek to gain through litigation what they were unable to achieve in the marketplace," the three Ninth Circuit Court of Appeals judges said in the ruling. "At some point, litigation must come to an end. That point has now been reached." the judges concluded.
Facebook agreed to a settlement to end "rancorous litigation" in 2008 but did not admit Mark Zuckerberg had stolen the idea. In exchange for acceptance of the offer of settlement, the Winklevosses received $20m in cash and $45m worth of stock valued at $36 per share in Facebook.
"For whatever reason, they now want to back out… Like the district court, we see no basis for allowing them to do so," the appeals court judges said, referring to the settlement deal.
Read the entire article and more about the Facebook Fortune at: 9th Circuit Court of Appeals End Winklevosses Claims to Facebook Fortune