Open

Coming up

Don't miss

Replay


LATEST SHOWS

IN THE PAPERS

57 000 little problems

Read more

IN THE PAPERS

The Sarkozy 'threat'

Read more

BUSINESS DAILY

Budget challenge for India's new government

Read more

DEBATE

Africa's Newest Failed State: How to Stop Civil War and Famine in South Sudan? (part 2)

Read more

DEBATE

Africa's Newest Failed State: How to Stop Civil War and Famine in South Sudan?

Read more

MEDIAWATCH

Israeli strikes on Gaza as seen on social media

Read more

INSIDE THE AMERICAS

World Cup humiliation for host nation

Read more

DEBATE

Israel and the Palestinians: How to Break the Cycle of Violence?

Read more

AFRICA NEWS

Somalia : Al Shebab attack on presidential palace

Read more

  • Israel steps up airstrikes as diplomacy gets under way

    Read more

  • Argentina beat Netherlands on penalties to reach World Cup final

    Read more

  • Foiled French jihadist ‘targeted Louvre and Eiffel Tower’

    Read more

  • Obama in Texas to urge congressional action on child migrant crisis

    Read more

  • Iraq’s heritage 'in danger' from ISIS militants

    Read more

  • Froome crashes out of Tour de France

    Read more

  • South Sudan independence heroes ‘have lost their way’

    Read more

  • 100 years on, the Tour de France returns to the Western Front

    Read more

  • Dozens of blindfolded bodies found south of Baghdad

    Read more

  • Alps Murder wife had ex-husband who died on same day

    Read more

  • Both candidates say they won Indonesian presidential election

    Read more

  • Brazil players should never wear 'sacred uniform' again, press says

    Read more

  • Exiled Syrian opposition elects new president

    Read more

  • Ukraine imposes new conditions on peace talks with pro-Russia rebels

    Read more

  • Sarkozy's UMP party 'almost €80 million in debt'

    Read more

Business

Appeals court rules in favour of Facebook founder Zuckerberg

©

Text by News Wires

Latest update : 2011-04-11

A court ruled Monday that Cameron and Tyler Winklevoss, twin brothers who have accused Facebook creator Mark Zuckerberg of stealing the idea for the social networking site from them, must accept a previously agreed upon $65-million settlement.

REUTERS - Mark Zuckerberg won the latest legal battle against former Harvard classmates who accuse him of stealing their idea for Facebook, a multimillion-dollar feud made famous on the silver screen.

Cameron and Tyler Winklevoss must accept a settlement with Facebook that had been valued at $65 million, a U.S. appeals court ruled on Monday. The twins argued that deal was unfair because Facebook hid information from them at the time.
 
But the Winklevosses were sophisticated negotiators aided by a team of lawyers, 9th U.S. Circuit Court of Appeals Chief Judge Alex Kozinski wrote in a unanimous opinion.
 
"The Winklevosses are not the first parties bested by a competitor who then seek to gain through litigation what they were unable to achieve in the marketplace," Kozinski wrote.
 
Attorneys for the twins did not respond to a request for comment.
 
The 6-foot, 5-inch (1.96-meter) brothers are Olympic rowers who participated in the 2008 games in Beijing, and their saga with Zuckerberg was dramatized in the film "The Social Network."
 
In the movie, actor Armie Hammer played both identical twins. Zuckerberg's character snidely called them on-screen the "Winklevi."
 
The twins, along with Divya Narendra, started a company called ConnectU while at Harvard. They say that Zuckerberg stole their idea. Facebook denies these claims.
 
The three had agreed to a settlement that had been valued at $65 million. But they argue that based on an internal valuation that Facebook did not disclose, they should have received more Facebook shares as part of the deal.
 
Facebook took in $1.2 billion of revenue in 2010's first nine months, according to documents that Goldman Sachs provided to clients to entice investors in a special fund set up to invest in the giant social networking firm.
 
The company was valued at $50 billion as part of that transaction.
 
A lower court had granted Facebook's request to enforce the settlement with the Winklevoss twins and Narendra. The 9th Circuit agreed on Monday.
 
"At some point, litigation must come to an end," Kozinski wrote. "That point has now been reached."
 
Facebook deputy general counsel Colin Stretch said the company appreciated the court's careful consideration of the case, and was "pleased" it ruled in their favor.
 
The case in the 9th Circuit is The Facebook Inc v. ConnectU Inc. 08-16745.

 

Date created : 2011-04-11

  • MEDIA

    Facebook founder Zuckerberg is Time's 'Person of the Year'

    Read more

  • CINEMA

    'The Social Network' fascinates by not taking sides

    Read more

  • TECHNOLOGY

    Facebook crosses 500 million users landmark

    Read more

Comments

COMMENT(S)