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article imageWinklevoss twins drop Facebook case, accept original settlement

By Justin Crann     Jun 23, 2011 in Technology
Cameron and Tyler Winklevoss, the twins involved in a heavily publicized legal battle with Facebook founder Mark Zuckerberg, have finally agreed to bury the hatchet.
The struggle, which was the subject of the wildly successful 2010 film The Social Network, stems from a lawsuit originally filed against Facebook in 2004. In that suit, the Winklevosses and business partner Divya Narendra claimed that Zuckerberg had stolen the source code he originally sold to them for use on their own social networking site, ConnectU.
At that time, the twins and Narendra were seeking "at least $75,000 in damages and the forced shutdown of," according to an article in the Daily Princetonian.
That lawsuit was supposed to have ended in 2008, when a settlement between the two parties was arranged. But the legal battle continued when the twins decided that the $65 million settlement originally agreed to was based on a bad evaluation of Facebook's total value, and launched another suit against Zuckerberg.
This second suit was thrown out not once, but twice, by the courts — with a decisive message from U.S. Court of Appeals chief Judge Alex Kozinski, who said in his ruling:
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... Like the district court, we see no basis for allowing them to do so. At some point, litigation must come to an end. That point has now been reached.
The Winklevoss twins, now facing a legal battle of their own, disregarded the Judge's message, and chose to pursue their suit further by appealing the Court of Appeals' decision and taking the matter to the Supreme Court.
But yesterday, the twins decided to drop the appeal following "careful consideration," with no clear reason given in their filing, Reuters reports. Three years after signing, they stand to collect the $65 million settlement to which they originally agreed.
More about winklevoss, Facebook, Facebook lawsuit, Social Networking, The social network
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