Facebook CEO & founder Mark Zuckerberg won a major legal battle when a U. S. federal appeals court ruled that Zuckerberg’s two former Harvard University classmates do not have a right to negotiate a better settlement over the creation of social network.
Cameron and Tyler Winklevoss had accused Zuckerberg of stealing their idea for the social networking platform. Later they settled the dispute for around $65 million but subsequently they argued that the settlement was unfair because the company willingly concealed information from them during talks.
Chief Judge Alex Kozinski said that Cameron and Tyler Winklevoss were sophisticated negotiators aided by a team of lawyers.
Speaking on the issue, San Diego attorney Dwight Ritter said, “It was the disgruntled graduates’, and their lawyers’, responsibility to determine the stock value before they settled.”
Thus, Cameron and Tyler Winklevoss will now have to accept a cash & stock settlement with Facebook valued at $65 million.
Facebook is the world's largest social-networking platform with 500 million members and has estimated value of more than $50 billion.