Facebook twins give up

The Winklevoss twins have finally given up on continued court action against Facebook CEO Mark Zuckerberg.

Cameron Winklevoss and Tyler Winklevoss managed to make millions out of Facebook after a settlement to a case was hammered out. The pair had been suing  Zuckerberg for allegely lifting their ideas for a social notworking site, although the settlement means that Facebook can say that never happened.

They won $65 million out of Zuckerberg in an out-of-court settlement but rather than going out and spending it, they decided to see if they could get more.

They claimed that Facebook undervalued itself when they made their deal so that it would have to pay them less.

According to Reuters, in a filing with the federal court in San Francisco, the pair said that after thinking about it they decided not to seek a Supreme Court review of the $65 million settlement made in 2008.

Things were not going that well. A lower court previously granted Facebook’s request to enforce the settlement with the Winklevoss twins. Two months ago, a three judge appeals court panel agreed and ruled that the Winklevoss twins must accept the cash and stock settlement with Facebook valued at $65 million.

At the time, the pair’s lawyer said that they would appeal the case to the United States Supreme Court, which is the equivalent of playing the do or die card in the board game escape from Colditz.

Now they’ve changed their mind.

Facebook is crowing. It said in an official statement that it had considered this case closed for a long time, and were pleased to see the other party agrees.