Winklevoss twins finally concede defeat to Facebook

by Steven Mostyn - Jun 23 2011, 11:06

Tyler and Cameron Winklevoss have finally abandoned their stubborn attempts to reopen the case against Mark Zuckerberg and Facebook, thereby bringing an end to their drawn out legal crusade. 

The twins, who attended Harvard alongside Zuckerberg and brought legal action against the Facebook creator for apparently stealing their core idea, were initially awarded a substantial $54 million USD settlement in 2008, but soon returned to the courtroom seeking more.

In January of 2011, the Winklevoss brothers took their pleas to the U.S. Court of Appeals in an attempt to overturn the original decision and reopen the case. However, the residing judge ruled against them in April, thus preventing any renewal of hostilities against Zuckerberg.

Ahead of this week’s admission of defeat, the twins had said they planned to move the matter onto the U.S. Supreme Court—a course of action that will now evidently remain unexplored.

While we would never stoop so low as to call the Winklevoss brothers greedy, the 2008 court ruling saw them handed $20 million USD in cash and a further $45 million USD in shares—which have since matured to the value of more than $100 million USD.

 

Article image supplied by Vectorportal.

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