The Ninth Circuit Court of Appeals has again told the Winklevoss twins that $65 million dollars is enough of Facebook’s money for them, and they have announced they’ve decided to shut up, go away and spend the rest of their privileged lives snorting expensive lines of coke off expensive escorts.
Just kidding! Cameron and Tyler Winklevoss actually disclosed within hours that they plan to petition the Supreme Court to hear their case. AllThingsD posted a press release which describes the boys’ objection to the original settlement over ConnectU, which later became Facebook:
Lead appellate attorney Jerome B. Falk, Jr., said, “The Ninth Circuit’s opinion creates a conflict between Ninth Circuit precedent and the decisions of other federal courts on two issues.
The first is the Court’s holding that a party who is defrauded into entering into a settlement agreement cannot challenge the contract on the ground of fraud. Federal and state courts have long held that a settlement founded on fraud must be set aside. The Court’s decision conflicts with that body of precedent…. Settlements should be based on honest dealing, and courts have wisely refused to enforce a settlement obtained by fraudulent means. The Court’s decision shut the courthouse door to a solid claim that Facebook obtained this settlement by committing securities fraud. Our Petition to the Supreme Court will ask the high court to decide whether that door should be reopened.”
So far, the Winklevoss twins have appealed the decision three times and gotten nowhere in getting the settlement revised.