Winklevoss Twins Appeal Facebook Case, Again
April 18, 2011
In 2003, the Winkelvoss twins hired Zuckerberg to help them with their social networking site “UConnect.” The parties reached a settlement agreement in mediation in 2007 with the Winkelvoss twins receiving $20 million in cash and $45 million in stock. The twin’s claim that during mediation, Facebook allegedly failed to disclose information about the stock prices which if disclosed would have required them to provide the twins with more stock.
Chief Judge Alex Kosinski said “At some point, litigation must come to an end. That point has now been reached.” As the battle continues, this is the second appeal following a previous decision before the 9th U.S. Circuit Court of Appeals which was unsuccessful.