Winklevoss Twins Appeal Lost Facebook Appeal

Brothers are trying to back out of $65 million settlement to get bigger stake in social media giant

If there's a "Social Network" sequel in the works, producers can thank the Winklevoss twins for giving them another plot hook. 

Cameron and Tyler Winklevoss continued their legal fight with Facebook founder Mark Zuckerberg, despite losing an appeal in the U.S. Court of Appeals for the Ninth District to free them from their 2008 settlement last week.

The brothers now want the court's opinion to be reheard by a panel of 11 judges.

Also read: Bizarre Interview: Winklevoss Twins Flex, Strut & Hate On Facebook's Zuckerberg (Video)

Under their previous settlement the twins received $65 million in cash and stock, but in court filings the Winklevosses claim the value of that settlement was misrepresented. 

In rejecting their appeal, Chief Judge Alex Kozinsky wrote: "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 Los Angeles Times reports that the true value of the Winklevoss' settlement is now on the order of $160 million, while privately held Facebook has an estimated value of $50 billion.

The brothers have long claimed that Zuckerberg lifted their idea for a social media site to create his company — a conflict that formed the basis for Best Picture nominee "The Social Network."

Comments