Winklevoss twins lose bid to reopen Facebook case

2011-05-17 07:54

New York – The twin brothers who accused Facebook and founder Mark Zuckerberg of stealing their idea for the social networking website have lost another round in their legal battle to re-open their claims.

Cameron and Tyler Winklevoss failed to convince a San Francisco appeals court to reconsider an April ruling upholding the $65 million (about R455 million) cash-and-stock settlement they reached with Facebook in 2008.

The brothers, whose feud with Zuckerberg was dramatised in the 2010 movie The Social Network, had complained that the settlement was fraudulent because Facebook hid information from them.

They also said they should have received more Facebook stock.

The appeals court did not give a reason for declining to review the ruling.

The Winklevosses could still appeal to the US Supreme Court.

A revised accord could enable the Winklevosses to benefit from Facebook’s rising market value, which private investors have said in recent weeks might top $70 billion.

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