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Thread: The Facebook Lawsuit

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    Senior Member Array Western Devil's Avatar
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    The Facebook Lawsuit

    Very interesting story (well, to me anyway). Two twins claim Mark Zuckerberg stole their idea and then started Facebook.

    These twins won multi-millions in a court settlement. Now, these twins want to unwind (undo) the agreement, and go for more. Interesting case, IMO.
    --
    Twins’ Facebook Fight Rages On

    By MIGUEL HELFT

    Published: December 30, 2010

    SAN DIEGO — Some people go to court hoping to win millions of dollars. Tyler and Cameron Winklevoss have already won tens of millions. But six years into a legal feud with Facebook, they want to give it back — for a chance to get more.

    Enlarge This Image

    Fred R. Conrad/The New York Times

    Tyler Winklevoss, left, and his twin, Cameron. They want to undo a $65 million deal and pursue a case against Facebook.

    Marcio Jose Sanchez/Associated Press

    Mark Zuckerberg, Facebook’s chief executive, has said the Winklevoss brothers’ idea was specifically for a dating site, not a social network.

    The Winklevosses — identical twins and Harvard graduates — say that they, along with another Harvard student, Divya Narendra, had the original idea for Facebook, and that Mark Zuckerberg stole it. They sued Facebook and Mr. Zuckerberg in 2004, and settled four years later for $20 million in cash and $45 million in Facebook shares.

    They have been trying to undo that settlement since, saying they were misled on the value of the deal. But it has not been an easy decision.

    As recently as Thursday, the brothers considered dropping their effort to unwind the agreement, and went as far as drafting a statement to that effect, according to people close to the case. They decided, though, to keep fighting.

    Their argument is that Facebook deceived them about the value of the shares, leaving them with far less than they had agreed. Whatever their value at the time of the deal, Facebook’s shares have soared since, putting the current worth of the settlement, by some estimates, at more than $140 million.

    Next month, the twins and Mr. Narendra plan to ask a federal appeals court in San Francisco to undo the deal so they can pursue their original case against Facebook and Mr. Zuckerberg, and win a richer payday. They could, though, lose it all.

    Entire: It gets better if you click this link: http://www.nytimes.com/2010/12/31/bu...omepage&src=me

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    Sounds like sour grapes to me. They should be happy with the amount they received. They may have had the original idea for it but the implementation and vision was all Mr Z.

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    dis member Array zeusbheld's Avatar
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    know how much the film industry would give you for a 'great idea'? pretty much zip, even if they stole it and made a movie from it. why? ideas aren't copyright-able, only their expression. these guys must have had something very concrete to have gotten such a settlement... however, fairly often, big companies settle big for PR reasons even when they'd have a strong case. if this turns out to be a PR-based settlement, these twins are sooooooo fucked when they go back for round two. time will tell whether they should've stood down and shut the fuck up, won't it.
    Imodium can't stop me.

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    Quote Originally Posted by Western Devil View Post
    and settled four years later for $20 million in cash and $45 million in Facebook shares.
    What a pair of plonkers. They've already had a very decent pay-off and are now sobbing for more.
    Either they received legal advice before the settlement on its proposed terms - in which case the solution is to sue their lawyers, not Facebook - or, if they signed the settlement agreement without legal advice they deserve no more than they got for their own stupidity. Why didn't they get an independent valuation of the shares?
    In any event, Facebook should tell them firmly to F.O.

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    Senior Member Array russellsimpson's Avatar
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    Quote Originally Posted by paully View Post
    In any event, Facebook should tell them firmly to F.O.
    Maybe Paully.

    Although I doubt the Facebook will choose that route.

    Easier to throw more money at them.
    When being run out of town, get in front of the crowd and make it appear like a parade.

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    ^ That'll just encourage them to have yet another pop in a few years' time when Facebook is sold off. Easier to crush them now, Russ.

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    Admin Array LDMA's Avatar
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    Jeez....65m and they're still not happy...poor babies...their father has a massive amount of money too,.
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    Miss Trix Array
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    Unless its some marketing gimmik funded by Mr Z to drum up support.

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    Falling From Grace... Array Hollow's Avatar
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    I heard the other day that facebook is valued at over 50bn dollars.
    Jesus is coming, open your mouth!

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    Serves the Winklevosses right for settling for so 'little' in 2004. What do they expect, sit back, do nothing, but recieve $25bn because they thought of Facebook too?

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    Senior Member Array Western Devil's Avatar
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    Quote Originally Posted by paully View Post
    Serves the Winklevosses right for settling for so 'little' in 2004. What do they expect, sit back, do nothing, but recieve $25bn because they thought of Facebook too?
    It seems like they are taking a risk. Being twins that went to "Hawvawd," they are likely sharp, and perhaps obsessed with this issue. They apparently have studied the legal issue and recite it in detail.

    If they get a new trial will a judge or jury agree?

    They risk getting more, but of course risk getting nothing.

    Perhaps time to move on. Legal fees mush be huge. And Zuckerber can afford his dream team to delay, me thinks.

    I think it was picasso who said, "a smart man copies, but a genius steals"

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    Here is an interesting wiki article about the whole back-story,

    ConnectU - Wikipedia, the free encyclopedia

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    I support the twins and their cause. Zuckerber stole their idea and because of that, is now making huge sums of money off a stolen idea. Picasso aside, the twins have the law on their side. Besides, it is unlikely Facebook will want to go through a trial...bad publicity vs. a bit of money (and it is a 'bit' of money when you look at the total worth of Facebook). I'm guessing the case will be settled out of court and the twins will go home with a much bigger settlement.

    Zuckerber is Jewish, right?

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    Zuckerber is Jewish, right?
    Zuckerberg is Jewish I'm fairly certain, but what does that have to do with anything?

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    Senior Member Array Getorfmoiland's Avatar
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    How are the poor lambs gonna get by on $65m? Maybe they should consider TEFLing in Thailand. I had this great idea about a windows based operating system, now where the fuck's my lawyer?
    "Always forgive your enemies -- Nothing annoys them so much !"
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