Twins Give Up, Scrap Facebook Suit

by Todd Shriber

The Winklevoss twins that became part of American pop culture when the 2010 movie The Social Network became a hit have apparently realized risking a rather large sum of money with the hopes of winning an insanely large sum isn’t worth it and have called off their lawsuit against social network company Facebook.

Cameron and Tyler Winklevoss announced on Wednesday that they will not be taking their lawsuit against Facebook to the U.S. Supreme Court. The twins, who claim they, along with Divya Narendra, were the original brains behind the Facebook idea, were awarded $65 million in 2008, according to The Associated Press.

For a while, it looked like that wasn’t good enough and as The New York Times reported in December, that the twins had been trying to scrap that settlement almost since the day it was agreed upon in search of even more money.

Commend these guys for their principles because they certainly don’t need the coin. As the Times noted, they grew up in swanky Greenwich, Conn. Now they live in San Diego where they apparently devote more of their time to training for the 2012 Summer Olympics as rowing competitors. That’s a nice life if you can get it.

The 9th  U.S. Circuit Court of Appeals ruled against the twins, and that may be the primary reason why the twins have decided not to take this all the way to the Supreme Court. Maybe the twins should have taken a shot because, as Judgepedia notes, the 9th Circuit is the most overturned court of the 13 U.S. appellate courts.

Then again, the $65 million settlement they received in 2008 is $20 million in cash and $45 million  in Facebook shares. That stock is worth $100 million now and sure to be worth a lot more when the company finally goes public.

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