‘Social Network’ Twins Appeal Facebook Settlement Ruling

PALO ALTO (CBS / AP) — A Facebook lawsuit at the heart of the Hollywood blockbuster “The Social Network” lives on.

Two former Harvard University classmates of company founder Mark Zuckerberg asked a federal appeals court Monday to reconsider its order that they accept a settlement over the website’s creation.

Tyler and Cameron Winklevoss of Greenwich, Conn., initially claimed Zuckerberg stole their idea for Facebook but agreed to drop their lawsuit in 2008 in exchange for $20 million in cash plus stock in the company.

The twins say they later discovered the stock was worth less than claimed at the time, and they sought to have the deal voided.

A three-judge panel of the 9th U.S. Circuit Court of Appeals ruled against the Winklevosses last week. Their lawyers have asked for a special 11-judge panel to consider their appeal.

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services may have contributed to this report.)

  • http://assetprotection365.com Gary Fales

    guys, get a clue: you lost.

  • Steve

    Wow. 20 million could go a long way in this economy and they think its not enough? Geez…greedy guys that just want to take advantage of facebook’s current popularity.

  • Steve

    Besides, that deal was based off of company value at the time the deal was struck and you can’t just use the value from today to go change a deal back then. That is like that ex post facto thing.

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