It looks like Cameron and Tyler Winklevoss's latest effort to milk more money from Facebook has been halted, Reuters reports. On Monday, the 9th U.S. Circuit Court of Appeals concluded that the Winklevoss twins can't just forget their previous $65 million dollar settlement, even though they had argued that Facebook undervalued their share price and left them without millions more dollars.
In 2008, the twins and Divya Narendra settled their last Facebook lawsuit which gave them a hefty payout. But with the social network now worth billions, they wanted more. They started another P.R. assault against Mark Zuckerberg, memorably calling the Facebook founder a "scorpion," and asked the courts to let them revisit their original lawsuit. When the arguments for the latest case were heard in January, the lawyers for the Winklevii argued, according to the BBC, that the twins and Narendra "discovered several months after signing the deal that Facebook had been internally valued at under $4bn." At that valuation, their shares would have reaped as much as $600 million instead of $65 million, the news outlet concluded.
But to no avail: "Cameron and Tyler Winklevoss cannot back out of a settlement with social networking giant Facebook over claims that company founder Mark Zuckerberg stole their idea," Reuters wrote. Somehow, we doubt that this saga is over.
This article is from the archive of our partner The Wire.
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