Winklevoss twins' Facebook lawsuit rejected by federal appeals court

winklevoss-twins-getty.jpgThe 9th Circuit Court of Appeals ruled Monday (April 11) that Tyler and Cameron Winklevoss, Harvard classmates of Facebook founder Mark Zuckerberg, cannot undo the settlement they made over the popular social networking site. The court ruled that the twins were cognizant of what they were agreeing to when they signed the deal, which gave them a $20 million cash payment and partial ownership of Facebook.

This ruling upholds the lower court decision that enforced the settlement; this initial dispute was also a large part of 2010 movie "The Social Network." The Winklevoss twins always asserted they were misled about Facebook's value when they agreed to settle their lawsuit claiming Zuckerberg stole their idea for the site.

The lawyers for the twins have not said yet whether they will pursue the lawsuit to the next step, but they could continue on and ask the Supreme Court to hear the case. The settlement would now be worth $160 million, based on Facebook's increased value.

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