April 12, 2011 by USA Post
Facebook Appeal, The twin brothers and former classmates at Harvard University who claimed Facebook founder Mark Zuckerberg, stole their ideas were not duped into signing a fraudulent transaction agreement, a federal appeals court in California ruled today.
Tyler and Cameron Winklevoss were not fooled by lawyers for Zuckerberg, but they were “sophisticated parties” when it agreed to the settlement and 20 million during a mediation session, Judge Alex Kozinski wrote in an opinion upholding the ruling of a lower court.
After a lengthy legal saga in which the twin claims that Zuckerberg stole the idea for a social networking site, without giving them a share of the profits, the Winklevoss agreed to settle their claims of some of the actions of Facebook, and a value of .88 per share at that time.
“The Winklevoss argue that Facebook misled into believing their shares were worth four times,” the unanimous opinion among the panel of three judges, states. “Had I known about this assessment during the mediation, they said, would never have signed the settlement agreement.”
But the judge would not buy that claim, calling the offer “very favorable in light of recent market activity.”
The judge also seemed exasperated with the ongoing battle.
“At some point, litigation must come to an end,” wrote Kozinksi. “That point has been reached.”
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