The two blokes who earned a fortune after they proved that Facebook founder Mark Zuckerberg nicked their ideas have been told by a court that they can’t screw the outfit for more cash.
According to AP, the US federal appeals court has denied a request by the Winklevoss twins to release them from their settlement with Facebook.
Cameron and Tyler Winklevoss agreed to the settlement in 2008 but they later asked a district court to let them back out.
They claimed that Facebook had not told the truth about the value of Facebook company’s shares they received as part of the deal.
The Winklevoss’ said that they had been told by the social notworking site that the value of the shares was about four times higher than the actual US$8.88 they were really worth at the time of the settlement.
As it was, the Winklevoss twins and Divya Narendra were awarded $20 million in cash and $45 million worth of shares.
Yesterday a three-judge appeals court panel said that the Winklevoss twins have fared rather well since the settlement. The value of Facebook is now $50 billion, meaning that their shares have more than tripled in value.
The Judges somewhat snidely snarked that the Winklevoss’ were not the first parties bested by a competitor who then seek to gain through litigation what they were could not get in the marketplace.
The courts might have obliged if the Winklevoss twins had not settled their dispute and signed a release of all claims against Facebook, Chief Judge Alex Kozinski penned.