Appeals court won’t reconsider Facebook settlement

Posted May 16, 2011, at 7:20 p.m.

SAN FRANCISCO — 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.

Story continues below advertisement.

The Winklevosses still could appeal to the U.S. Supreme Court.

Tyler Winklevoss declined comment Monday.


Recommend this article


Similar Articles

More in Business