Winklevoss Twins To File A Rehearing With 9th Circuit Court Of Appeals Over Facebook Case
Earlier this week a panel of Federal Appeals made a ruling that Tyler and Cameron Winklevoss had to accept a ruling from 2008 that they must accept a $65 million settlement with Facebook. Based on the stock that the Winklevoss twins would be given, the $65 million in stock from back then is now worth over $100 million.
“At some point, litigation must come to an end. That point has now been reached,” stated Federal Appeals Chief Judge Alex Kozinski. However the Winklevoss lawyers are filing for a Petition For Rehearing En Banc. This is a rehearing with 11 judges rather than 3 judges.
Tyler Winklevoss sent out the following tweet:
@amitchowdhry or on Google+ at +AmitChowdhry
Statement from our appellate attorney Jerome Falk: “The Ninth Circuit has affirmed the District Court’s enforcement of the settlement over my clients’ objection on the ground that the settlement was obtained in violation of the federal securities laws. I appreciate the Ninth Circuit’s thorough discussion of the issues. However, I respectfully disagree with the Ninth Circuit’s conclusions. In my judgment, the opinion raises extremely significant questions of federal law that merit review by the entire Ninth Circuit Court of Appeals. For that reason, my colleagues and I will file a Petition For Rehearing En Banc within the next fifteen days.