Cameron and Tyler Winkelvoss, more famously known as the Winklevoss Twins have been ordered by an appellate court to pay the $13 million in legal fees they owe to the law firm that represented them in their $65 million settlement against Facebook founder and CEO Mark Zuckerberg.
You may recall that the twins who claimed to have invented Facebook only to have their idea stolen from Zuckerberg tried to sue Facebook a second time when Facebook’s valuation skyrocketed. The twins argued that Facebook executives at the time committed securities fraud by hiding information about the company’s valuation during negotiations, a claim that led one Ninth Circuit judge to say, “at some point, litigation must come to an end.” The brothers then unsuccessfully appealed to the Supreme Court and pushed for a new lawsuit.
The law firm of Quinn Emanuel Urquhart & Sullivan have been accused of malpractice for their role in the settlement, including violating a confidentiality agreement for revealing the $65 million settlement figure.
Regardless of any breach in trust an arbitration panel has said the twins must pay the $13 million fee and now a New York Supreme Court judge and a New York’s Appellate Division, First Department, have told the twins that they have had sufficient due deliberation.
Perhaps the Winklevoss Twins should work on coming up with the next great internet idea because the last time I checked their not exactly winning against the court system.
Hey if nothing else they got a pistachio commercial and $52 million (after legal expenses) out of the deal.
Do you think the Winklevoss Twins just need to put this entire issue to rest and stop acting like two entitled rich boys?
