Appeals court closes book on Facebook suit

Monday, April 11, 2011 6:01 PM By dwi

SAN FRANCISCO, April 11 (UPI) -- A federal appellate panel in San Francisco weekday permit stand a 2008 deciding between Facebook and the Winklevoss twins.

The ruling was a setback for the twins -- Olympic rowers Cameron and President Winklevoss, both altruist colleagues of Facebook founder Mark Zuckerberg -- who sued, claiming Facebook was a ripoff of their idea, ConnectU.

In 2008, they united to a deciding of $20 meg in change and $65 meg worth of Facebook shares, The Wall Street Journal reported. But they wanted to reopen the care when later estimates appointed a much higher value to the ethnic networking Web site.

The deciding also included claims of ownership pursued by Divya Narendra, added altruist colleague, the Los Angeles Times reported.

A consort inspect after the deciding was reached valued Facebook at $3.7 billion. Last year, when Goldman Sachs invested $500 meg in Facebook, the concern had a presumed value of $50 billion.

But Court of Appeals Chief Justice Alex Kozinski on weekday wrote in the court's ruling that, "The courts might hit obliged [with a continued lawsuit], had the Winklevosses not settled their disagreement and signed a promulgation of every claims against Facebook."

"For whatever reason, they today want to backwards out. We see no basis for allowing them to do so. At whatever point, proceedings staleness become to an end. That saucer has today been reached," the judge wrote.


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