(Updated, 4:25 p.m.)
Tyler and Cameron Winklevoss have one legal option remaining in their quest to reopen their $65 million settlement with Facebook, and they're taking it.
Hours after a San Francisco appeals court rejected their latest bid to renegotiate their earlier stock and cash agreement, the brothers and their friend Divya Narendra announced that they will appeal their case to the U.S. Supreme Court.
The twins and Narendra contend that the 2008 settlement was founded on specious information and that Facebook committed securities fraud in the mediation.
"Settlements should be based on honest dealing, and courts have wisely refused to enforce a settlement obtained by fraudulent means," Jerome B. Falk, Jr., an attorney for the plaintiffs, said in a statement. "The Court’s decision shut the courthouse door to a solid claim that Facebook obtained this settlement by committing securities fraud. Our Petition to the Supreme Court will ask the high court to decide whether that door should be reopened.”
Earlier:
Tyler and Cameron Winklevoss' lost their bid to sweeten their initial $65 million settlement with Facebook.
The twins and classmate, have long maintained that Facebook founder Mark Zuckerberg stole their idea for the social network, but a San Francisco Appeals court rejected any further appeals on Tuesday, Bloomberg reports.
An attorney for the brothers did not immediately respond to requests for comment.
Also read: Winklevoss Twins Lose Facebook Appeal
The twins were asking an 11-judge panel to review an earlier rejection of their attempts to renegotiate the settlement because they claim Facebook did not provide sufficient information about the company's value.
In April, a lower court ruled that the Winklevoss twins must adhere to their original deal, writing that "At some point, litigation must come to an end."
The twins' $65 million settlement, consisting of $20 million in cash and $45 million in Facebook stock, was reached in 2008.