Saturday, May 21, 2011
Having lost their most recent foray into the judicial system, the Tinklevoss twins are petitioning the U.S. Supreme Court to grant them further relief against Facebook and its founder Mark Zuckerberg. In 2008, the twins and their partner Divya Narenda settled for $65 million to end their lawsuit claiming that Zuckerberg had stolen the Facebook idea from them. The movie “Social Media” dramatizes the story.
The twins and Narenda later argued that the valuation of Facebook was fraudulently inaccurate, and therefore the settlement was inaccurate and unfair. But last month, the 9th Circuit upheld the initial settlement. Judge Alex Kosinski wrote,” At some point, litigation must come to an end. That point has now been reached.”
The current effort to persuade the Supreme Court to reopen the case is that last gambit. I doubt that the Court will oblige. Whether the initial settlement was unfair or not, the case is fact-based and does not present any new issues of law or policy. Therefore, it is not the sort of case that the Court usually finds of interest. Here is the story at Huffington Post.