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Winklevoss twins drop Facebook appeals case

June 23, 2011 at 12:51 PM   |   Comments

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SAN FRANCISCO, June 23 (UPI) -- Cameron and Tyler Winklevoss said they would end their challenge of a $65 million settlement with Facebook that could have ended up in the U.S. Supreme Court.

The Winklevoss twins won the cash and stock settlement in 2008 after claiming Mark Zuckerberg, who is considered the founder of Facebook, had stolen their idea for the popular Internet social networking Web site.

The Los Angeles Times reported Thursday the value of the settlement had soared to about $200 million, but the Winklevosses were undeterred in their efforts to challenge the settlement until Wednesday.

The twins were challenging the 9th U.S. Circuit Court of Appeals ruling that left the $65 million settlement intact. The twins had said Facebook concealed the real value of the business from them when the settlement was cast.

However, they have a separate challenge that remains unsettled.

In a case filed in a federal court in Boston, the twins claim Facebook kept instant messages a secret in previous litigation.

"That part of the case will begin now," said Tyler Meade, the twins' attorney.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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