Winklevoss twins lose bid to reopen Facebook case

May 17, 2011 10:53

NEW YORK - The twin brothers who accused Facebook Inc and founder Mark Zuckerberg of stealing their idea for the social networking website lost their bid to have a U.S. court void a multi-million dollar settlement of their claims.

Cameron and Tyler Winklevoss failed to convince the 9th US Circuit Court of Appeals in San Francisco to reconsider its April 11 ruling upholding the $65 million cash-and-stock settlement they reached with Facebook in 2008.

The brothers had complained the settlement was fraudulent because Facebook hid information from them. They also said they should have received more Facebook stock.

Without providing a reason, the court declined to have an 11-judge panel review the original ruling, which had been made by a three-judge panel.

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