Appeals court won't reconsider Facebook settlement

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.

©2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Citation: Appeals court won't reconsider Facebook settlement (2011, May 16) retrieved 28 March 2024 from https://phys.org/news/2011-05-appeals-court-wont-reconsider-facebook.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.

Explore further

Court: Harvard twins stuck with Facebook agreement

0 shares

Feedback to editors