Winklevoss Twins vs. Facebook: Legal Battle Not Over
After Cameron and Tyler Winklevoss on Wednesday seemed to have finally put an end to their Facebook settlement saga in a filing to a federal appeals court stating that "after careful consideration" they would not proceed for a Supreme Court review, the LATimes has recently reported that the twins are taking the fight to a federal court in Boston.
The news flew across the internet with various media outlets publishing articles on how the Winklevosses had finally dropped the case against Mark Zuckerberg, but clear it is that these reports arrived to conclusions a bit too soon.
The twins along with business partner Divya Narendra, also from Harvard University, together established a company called ConnectU Inc, and have been in a legal battle against Facebook for seven years over whether its CEO, Mark Zuckerberg, stole the idea of what is today's most famous social networking website.
Get Our Latest News for FREE
Last April, the same appeals court in San Francisco ruled that the ConnectU trio had to live with the original settlement that gave them $20 million in cash and $45 million in Facebook stock.
In 2008, the ConnectU partners initially accepted the settlement but later on retracted their agreement, stating that Facebook had concealed relevant information. Hence, they deserved more money.
The twins were expected to appeal for a Supreme court review on Wednesday, but to the surprise of many, they didn't.
No reason was given for such an unexpected move and it was believed that the twins decided not to appeal to the Supreme Court due to the high amount of money they were still walking away with, approximately $200 million up from $65 million in 2008 when the company was valued at $15 billion.
Facebook today it may be valued at more than $100 billion in an IPO, according to CNBC.
