Winklevoss Twins Loose Facebook settlement with Zuckerberg ,a federal appeals court panel ruled Monday that a 2008 deal between Facebook founder Mark Zuckerberg and three former Harvard colleagues is valid and enforceable.
The judge ruled that the 2008 settlement that gave USD 65 million to Cameron and Tyler Winklevoss in cash and stock still stands.The twins had argued that the value of Facebook's stock was more than what Zuckerberg and his team let on.
Cameron and Tyler Winklevoss must accept a settlement with Facebook that had been valued at $65-million (U.S.), a U.S. appeals court ruled on Monday. The twins argued that deal was unfair because Facebook hid information from them at the time.
In a 2008 settlement, dramatized last year by the Hollywood film "The Social Network," Cameron and Tyler Winklevoss got $20 million in cash and $45 million in Facebook stock to drop their suit claiming that Zuckerberg deceived them when he agreed to work for their company, called ConnectU, on a similar website.
However, the Winklevoss twins, along with ConnectU co-founder Divya Narendra, tried to back out of the settlement, claiming they were duped about the valuation of the company. The ConnectU founders accepted their $45 million worth of stock at a price that valued Facebook at $15 billion -- the same value that Microsoft Corp. had given Facebook in an investment in the company several months earlier.
Tyler Winklevoss From Wikipedia, the free encyclopedia
Tyler Howard Winklevoss (born August 21, 1981) is an American rower who sued Mark Zuckerberg, the founder of Facebook, for $140 million. He competed in the men's pair rowing event at the 2008 Beijing Olympics with his identical twin brother and rowing partner Cameron Winklevoss. Winklevoss co-founded HarvardConnection (later re-named ConnectU) along with his brother Cameron Winklevoss, and Harvard classmate Divya Narendra.
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