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Winklevoss Twins Try To Continue Suit Against Facebook

Cameron and Tyler Winklevoss, have approached a US federal appeals court in a bid to keep their lawsuit against Facebook alive. According to the twins the settlement (opens in new tab)is now worth more than $160 million as Facebook’s value has multiplied several times after receiving investments from Goldman Sachs.

In 2008 the Winklevoss twins originally received a $65 million settlement from Facebook over allegations that Mark Zuckerberg had stolen their intellectual property. They appealed the settlement claiming that they had been misled about the real value of the company, but a three judge panel upheld the settlement and barred any future lawsuit.

Now the twins are asking an eleven judge panel to consider their appeal. According to the Winklevoss twins, Facebook obtained the earlier settlement by committing securities fraud and it should therefore be voided.

The original settlement was composed of $20 million in cash and $45 million in Facebook stock valued at $36 per share. The twins believe that accurate, internal valuations would have resulted in a different settlement. The twins' attorney Jerome Falk said in a statement that settlement of litigation is a good thing but it should be purely on honest dealing.