Tuesday, April 12, 2011

Winkelvoss Action for New Facebook Settlement Denied by Ninth Circuit Court of Appeals and Chief Judge Alex Kozinski

Long before The Social Network became a cinema film and at a time when very little information was available about this matter online, we posted about the saga of ConnectU. v. Facebook : Who Founded Facebook? 02138 Magazine (Harvard Zip Code) Wins Censorship Case Against Facebook's Mark Zuckerberg

The matter was apparently settled for $20 million in cash and equity in the form of over 1 million shares of common stock in Facebook.

However, the settlement was recently challenged by the benefactories, the Winkelvoss twins, alleging they were "duped" as to the settlement-based value of Facebook.

The 9th Circuit Court of Appeals has now denied that challenge in an opinion written by Chief Judge Alex Kozinski, affirming the decision of the United States District Court for the Northern District of California, James Ware, District Judge, Presiding.

TechCrunch reports that the matter may not be over yet and that a Petition for Rehearing En Banc would be filed in coming days, but it appears unlikely to this observer that there will be any change in the ruling:

Winklevosses To Challenge Today’s Facebook Ruling.

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