The Winklevoss Twins seek to reopen $65 million Facebook settlement
Written by Paul Bicknell on 12 April 2011« Return to Reading Room
The well known dispute between the Winlesvoss Twins and Mark Zuckerberg's Facebook reached a San Francisco appeals judge recently. The Twins sought to reopen their $65 million settlement reached previously based on misinformation at the time of settlement.
The brief thrust of the Twins' argument was that they would have demanded more in settlement had they been aware of a higher valuation of Facebook. The judge disagreed "They made a deal that appears quite favorable in light of recent market activity."
Behind the settlement is the allegation that Mark Zuckerburg stole the Twins' ideas however, Facebook have always maintained that it did not steal the Twins' ideas. A third party to the other settlement did not join the Twins in reopening the settlement.
Lawyers for the Winklevoss Twins intend to file an appeal (sequel to The Social Network perhaps?).
It is clear that copyright law in the US is more favourable to those in the shoes of the Wincklevoss Twins than in the UK. In the UK there is no copyright protection for an idea except to the extent that that idea is expressed in the form of a protected work.
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