SAN FRANCISCO – A panel of federal judges on Monday ruled that Tyler and Cameron Winklevoss can’t back out of the settlement deal they made in a lawsuit charging that Mark Zuckerberg stole their idea for Facebook.
“The Winklevosses are not the first parties bested by a competitor who then seek to gain through litigation what they were unable to achieve in the marketplace,” three Ninth Circuit Court of Appeals judges said in a ruling.
“At some point, litigation must come to an end,” the judges continued. “That point has now been reached.”
Twin brothers Tyler and Cameron Winklevoss claim they enlisted Zuckerberg to finish software code for their ConnectU social-networking website while they were all students at Harvard in 2003.
Zuckerberg, a second year student at the time, took their code and their idea and launched Facebook in February 2004 instead of holding up his end of the deal, according to the brothers. Facebook rejects that account.
Hollywood made the saga famous in the hit film “The Social Network.”
The twins inked a settlement two years ago that got them $20 million in cash and $45 million worth of stock valued at $36 per share.
The value of that yet-to-be-issued stock has skyrocketed along with Facebook’s estimated market value, which was placed at $50 billion early this year, the judges noted in their ruling.
“With the help of a team of lawyers and a financial advisor, they made a deal that appears quite favorable in light of recent market activity,” the judges said.
“For whatever reason, they now want to back out,” they continued. “Like the district court, we see no basis for allowing them to do so.”
‘IDIOT!’ Fox News viewers fly into a rage after anchor says claims of Facebook being anti-conservative are ‘unfounded’
Fox News Headlines 24/7 morning anchor Brett Larson is facing an angry backlash from some viewers of the network, after saying on Wednesday that claims of anti-conservative bias at Facebook have mostly turned out to be baseless.
Facebook recently released the findings from an audit of conservative claims of bias, which was conducted by former Republican Sen. Jon Kyl (AZ). During an interview on Fox News, Larson was asked to respond to comments from Sen. Josh Hawley (R-MO), a frequent Facebook critic who said that the audit was "a smokescreen disguised as a solution."
"Facebook should conduct an actual audit by giving a trusted third party access to its algorithm, its key documents, and its content moderation protocols. Then Facebook should release the results to the public," Hawley said Tuesday in a statement.
23 Texas cities were targeted in a ‘coordinated ransomware attack’
The majority of attacks were against small local governments, according to the state's Department of Information Resources.
Cybersecurity experts have been deployed by the state to assess the damage from a "coordinated ransomware attack" that struck 23 Texas cities on Friday, state officials said.
Investigators hadn't determined the origin of the attacks as of Friday evening and were still working to bring cities' systems back online, according to a news release from the Texas Department of Information Resources. The department believes, however, that the attacks came from a "single threat actor."
US states ready antitrust probe of tech titans: report
Top prosecutors from a group of US states are readying a joint investigation into whether major technology firms have violated antitrust law, the Wall Street Journal reported Monday.
The alliance of state attorneys general could formally announce next month that they are delving into whether leading internet firms and technology platforms have used their clout to thwart competition, the Journal reported, citing unnamed people familiar with the matter.
The US Department of Justice last month announced it is reviewing "whether and how market-leading online platforms have achieved market power and are engaging in practices that have reduced competition, stifled innovation, or otherwise harmed consumers."