On behalf of Barron Law Corporation posted in Business Litigation on Friday, April 15, 2011
One of the major plot points of the Oscar-winning film "The Social Network" is the dispute between Facebook founder and CEO Mark Zuckerberg and fellow Harvard students Cameron and Tyler Winklevoss and Divya Narendra over who actually came up with the idea for the social networking website. The film portrays a series of legal depositions, during which Zuckerberg's character famously says "If you had invented Facebook, you would have invented Facebook!"
While it is doubtful that the film version of the dispute between Zuckerberg and the Winklevoss twins is portrayed with complete accuracy, it gives a great deal of insight into the legal drama that has been going on between the parties for several years now. However, the ongoing business litigation may have finally come to an end with an equally memorable quote from a California judge: "At some point, litigation must come to an end," said Chief Judge Alex Kozinski. "That point has now been reached."
Judge Kozinski's statement comes from an appellate court decision which ruled that the 2008 negotiated settlement between Zuckerberg and the Winklevoss twins would stand, despite the twins' attempts to challenge it.
In the settlement, which was reached in 2008, the twins received a $65 million share in Facebook. Since then, that share has grown to a worth of $160 million. However, the twins recently challenged the settlement, claiming that they were fraudulently misled about the value of Facebook during settlement negotiations.
However, the three-member appeals court panel ruled that because the twins entered into the settlement voluntarily and with full legal representation, their claims that they were uninformed were insufficient to overturn it.
Tags: Facebook, Mark Zuckerberg, business litigation, lawsuit, settlement