Facebook litigation on hold while Winklevoss twins appeal to U.S. Supreme Court
Facebook's bid to end litigation with the Winklevosses was put on hold this week when the U.S. 9th Circuit Court of Appeals suspended all litigation while the twin brothers file a request with the U.S. Supreme Court.
Tyler and Cameron Winklevoss, who allege that Facebook founder Mark Zuckerberg stole their idea for the social networking site, are hoping to reverse the federal appeals court decision to uphold a $65-million cash-and-stock settlement they reached with Facebook in 2008.
They say Facebook duped them because it did not give them an accurate valuation of the shares they would receive. The value of the settlement has soared in value along with the valuation of Facebook.
The Winklevosses are fighting Facebook in federal court in San Francisco and in Boston. The Massachusetts court put its case on hold while the California court ruled.
The Winklevosses recently filed papers in Boston alleging that Facebook and Zuckerberg failed to produce critical documents during the discovery portion of the case. Facebook has said that claim has no merit.
-- Jessica Guynn
Photo: Cameron Winklevoss (left) and his brother Tyler leave the 9th Circuit Court of Appeals after a hearing on a settlement dispute with Facebook's Mark Zuckerberg in San Francisco on January 11, 2011. Credit: Stephen Lam/Reuters