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Facebook Lawsuit and Reopen

Facebook Lawsuit and Reopen - The good-looking, all American brothers - whose intellectual property lawsuit against Facebook founder, Mark Zuckerberg, was portrayed in the biopic The Social Network - are challenging the $65 million dollar settlement with the social networking company.

In the movie, the rowing jocks were portrayed as being reluctant to sue Zuckerberg, claiming it wasn’t the “Harvard way”, to chase the Facebook founder across the courtyard spoiling for a fight.

But life, as they say – isn’t a movie.

Not satisfied with their $65 million dollar payout, the twins (who come from one of the richest families in America) are appealing their settlement in the belief they are entitled to more - as much as $460 million more.

Facebook Lawsuit and Reopen

Their company, ConnectU, filed against Zuckerberg in 2007 alleging he stole their idea for a social networking site after they hired him to work on their website “HarvardConnection”.

They settled in 2008, accepting a $65 million payout, including $45 million in private Facebook stock.

Cameron and Tyler Winklevoss are alleging that Facebook engaged in securities fraud, leaving out important information pertaining to the companies' true worth.

As a result, the brothers say they were granted fewer shares than they were entitled to.

The twins are claiming they only discovered that Facebook was using an internal valuation of $3.7 billon after they signed the settlement agreement.

Facebook Lawsuit and Reopen
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