Appeals court won't reconsider Facebook settlement

May 16, 2011

A federal appeals court has refused to reconsider its decision ordering two former Harvard classmates of Facebook founder Mark Zuckerberg to accept a multimillion dollar settlement over the company.

Twins Cameron and Tyler Winklevoss sued Zuckerberg, saying he stole the idea for the social networking site. Both parties reached a settlement in 2008, but the Winklevosses claim they were misled during settlement talks.

Last month, a three-judge panel of the 9th U.S. Circuit Court of Appeals upheld the settlement, which calls for a $20 million cash payment and stock in the company now valued in the tens of billions.

On Monday, the court declined to assign the case to a special 11-judge panel for reconsideration.

The Winklevosses still could appeal to the U.S. Supreme Court.

Tyler Winklevoss declined comment Monday.

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