Winklevoss twins end Facebook lawsuit

Winklevoss twins said they have decided not to seek a review of the ruling that had upheld $ 65mn cash-and-stock settlement.

Boston: Facebook founder Mark Zuckerberg`s
former Harvard classmates Cameron and Tyler Winklevoss have
decided not to pursue their legal battle against the
billionaire CEO over a dispute related to the idea of
developing the popular social-networking site.

In a San Francisco federal court filing, the Winklevoss
twins said they have decided not to seek a review of the
ruling by the 9th Circuit Court of Appeals that had upheld the
USD 65 million cash-and-stock settlement reached with
Zuckerberg in 2008.

A fight that inspired a Oscar-winning movie `The Social
Network` seen its finale when in the one-paragraph court
filing, Cameron and Tyler said they would accept the USD 65
million settlement and "careful consideration" they would not
file a petition to take their battle to the Supreme Court.

The Winklevosses had been trying to undo the settlement,
saying that Facebook had held back information about the real
value of its shares when the settlement was reached.

Facebook spokesman Andrew Noyes said in a statement: "We
have considered this case closed for a long time, and we are
pleased to see the other party now agrees."

The Court of Appeals had in May rejected a bid by the
twins to have a panel of 11 judges to review a ruling made
earlier by a three-justice panel.

The three-judge panel had said that the litigation in the
case "must come to an end" and threw out the bid by the
Winkevosses to review the USD 65 million settlement.

The two had then decided they would appeal to the US
Supreme Court.

In the settlement reached two years ago, the Winklevosses
had got USD 20 million in cash and USD 45 million worth of
stock valued at USD 36 per share.

While, the twins will have to live with the Facebook
settlement they received, they still plan to pursue another
legal battle against Facebook.

In April, they had asked a federal court in Boston to
look into their claims that Facebook and its lawyers hid
instant messages from them during litigation.


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