Print 14 comment(s) - last by Uncle.. on Dec 10 at 12:51 PM

The Winklevoss twins  (Source:
Facebook filing claims the twins have settler's remorse

The twins who have experienced previous legal struggles with the internet giant Facebook are filing yet another lawsuit against the social networking site's CEO claiming that a former friend had lied to them about the company's value. 

In 2002, Tyler and Cameron Winklevoss, twins who attended Harvard University with Facebook CEO Mark Zuckerberg, had started a social networking site called HarvardConnection. After losing a programmer for the site in 2003, the Winklevosses asked Zuckerberg to join their team. Zuckerberg allegedly entered into an oral contract with the twins and their partner, Divya Narendra. 

Over the next two months, Zuckerberg began creating a social networking site of his own called "" while sending e-mails to the twins stating that he had been busy as of late, but was making changes to HarvardConnection. On February 4, he officially launched Two days later, the Winklevosses had learned about the new site. Later in 2004, ConnectU, which was HarvardConnection's new name, filed a lawsuit against Facebook for allegedly stealing the idea of ConnectU and for breaking oral contract. 

Now, even after winning a $65 million settlement in 2008, the twins believe they are entitled to more after a friend allegedly lied about the value of the company. They also claim that Zuckerberg has committed securities fraud. The legal papers were filed at the United States District Court for the Northern District of California, and the case "threatens to end in 'scorched Earth' litigation" if it ends up going before a judge.

In response to the allegations, Facebook claims that the twins are dealing with settlers' remorse after the $65 million deal. The company also noted that the previous settlement agreement "is enforceable because it clearly communicated the parties' intention to be bound and the terms were definite."

In addition, Facebook's filing claims that the "twins admit that they calculated the value [of Facebook] themselves, based upon a truthful press release from several months earlier" and "their fraud claim is based on omission; they fault Facebook for not volunteering a more recent - and, they claim, lower - valuation of different Facebook stock."

"They insist that their sworn enemy had some special duty to open its books and volunteer any information that bears on the value of this closely held company," Facebook's filing states. 

The twins have demanded an unspecified amount of additional money.

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Hmm this doesn't make sense
By DukeN on 12/9/2010 10:28:13 AM , Rating: 3
Hollywood told me these male Olsen twins were the bad guys. So why are they winning!? (already won?)

Haaaalp its in a movie so its trooooooo!

RE: Hmm this doesn't make sense
By B3an on 12/9/2010 11:22:58 AM , Rating: 3
I still cant believe a movie was made about Facebook. Cant think of anything more sad and uninteresting.

RE: Hmm this doesn't make sense
By ksherman on 12/9/2010 11:29:39 AM , Rating: 2
Then you haven't seen it!

With Aaron Sorkin writing, there's no such thing as sad/uninteresting.

RE: Hmm this doesn't make sense
By EntreHoras on 12/9/2010 11:34:04 AM , Rating: 4
Clearly, you didn't watch the movie. Facebook is only an excuse for a very smart movie.

RE: Hmm this doesn't make sense
By KoolAidMan1 on 12/10/2010 4:00:11 AM , Rating: 1
You missed out, it was one of the few good movies to come out this year.

David Fincher + Aaron Sorkin + a bunch of assholes screwing each other out of billions = good movie

By aharris on 12/9/2010 12:25:14 PM , Rating: 1
These guys look like a couple of first class douches.

RE: Wow
By ClownPuncher on 12/9/2010 3:38:27 PM , Rating: 2
Their mouths look like turd shovels.

RE: Wow
By Uncle on 12/10/2010 12:51:40 PM , Rating: 2
Please cutout the lesbian rant. Not all men are douches.

Makes me think of 2 letters:
By Motoman on 12/9/2010 10:29:26 AM , Rating: 4

Poor man's
By lonechicken on 12/9/2010 1:21:47 PM , Rating: 4
Hey look, it's Ben Affleck and James Franco!

By The Raven on 12/9/2010 4:24:55 PM , Rating: 4
Now, even after winning a $65 million settlement in 2008, the twins believe they are entitled to more

After the settlement they realized that they had to divide by two. That's only 32.5 mil each. Oh my goodness! The horror! Think of their children!!

They probably realized (after squandering the settlement money) that competitive rowing doesn't pay.

I don't feel sorry for these guys or Mark and his billions.

By wiz220 on 12/9/2010 10:44:22 AM , Rating: 1
Harvard taught these guys well. In today's business world you just litigate your way to riches. Doesn't sound like they have much of a case this time around based on the settlement they agreed to.

RE: Harvard
By Denigrate on 12/9/2010 11:32:36 AM , Rating: 2
They look like the "bright" type. They likely already burned through the first settlement, and need a new cash infusion.

By fstarnella on 12/9/10, Rating: -1
"Folks that want porn can buy an Android phone." -- Steve Jobs

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