Tuesday, April 12, 2011

Winklevoss Twins Compensation Appeal Rejected

The Winklevoss twins lost an appeal regarding the size of the compensation received from Facebook founder Mark Zuckerberg. The twins had originally received a ‘cash and stock’ settlement worth $65 million, a figure they believed to...


The Winklevoss twins lost an appeal regarding the size of the compensation received from Facebook founder Mark Zuckerberg. The twins had originally received a ‘cash and stock’ settlement worth $65 million, a figure they believed to be unjust. On Monday the US appeals court ruled that they must accept the amount given.

US Circuit Court of Appeals Chief Judge Alex Kozinski wrote in a statement “The 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 twins have continued to insist that Facebook stole their idea, although Facebook denies such claims. Judge Kozinski added that “They made a deal that appears quite favorable in light of recent market activity. At some point, litigation must come to an end. That point has now been reached.”

Facebook also faces a lawsuit from Paul Ceglia who claims a contract with Zuckerberg to design and develop a website entitled him to 84% of Facebook. It is a claim that Facebook strongly reject. The case will be heard in a federal court at a later date.    

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