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Entries in U.S. Court of Appeals (2)

Thursday
Jun232011

Winklevoss Twins Drop Appeal of Facebook Settlement

Charles Eshelman/FilmMagic(SAN FRANCISCO) -- Cameron and Tyler Winklevoss have finally decided that a $65 million payout from Facebook founder Mark Zuckerberg is good enough for them.

The brothers, who were briefly business partners with Zuckerberg when they all attended Harvard University, have dropped any further appeals of the 2008 settlement.

Before then, the “Winklevii,” as they became to be known, and fellow business partner Divya Narendra had sued Zuckerberg, claiming he had stolen their idea for a social network for Harvard students.  Zuckerberg created Facebook in 2004 while the plaintiffs devised a site called ConnecU.

In a filing Wednesday with the U.S. Court of Appeals for the Ninth Circuit in San Francisco, the Winklevoss twins and Narendra said they wouldn’t appeal the settlement to the U.S. Supreme Court without explaining why they gave up their legal battle.

The settlement breaks down to $20 million in cash and $45 million in stock, although the shares are now believed to be valued at well over $100 million and could grow substantially when Facebook goes public next year.  The company is estimated to be worth $70 billion.

Much of the brothers’ legal battle with Zuckerberg was depicted in the movie, The Social Network, a semi-fictionalized account of the Facebook saga.

Copyright 2011 ABC News Radio

Thursday
Mar032011

Madoff Trustee Faces Big Test in Recovering Victims' Money

Photo Courtesy - Mario Tama/Getty Images(NEW YORK) -- A big test comes Thursday for the trustee trying to recover money for victims of Bernie Madoff's ponzi scheme.

At issue is the system for reimbursing victims of Madoff's fraud.  It involves taking money from those who gained and using it to repay those who lost.

The formula will go before the U.S. Court of Appeals for the Second Circuit in New York.

Investors who came out ahead, including the owners of the New York Mets, argue the formula is unfair and will lead to costly lawsuits.  The trustee says it's the only way to make victims whole.

Copyright 2011 ABC News Radio







ABC News Radio