Winklevoss Twins Expected To Pay $13 Million To Facebook Settlement Lawyers
An appellate court in New York has decided not to hear any further arguments about why Tyler and Cameron Winklevoss should not have to pay $13 million to a law firm that helped them draft a settlement agreement with Facebook. The Winklevoss twins sued Facebook several years ago and eventually agreed to a $65 million settlement.
After hearing about Facebook being valued at a much higher amount, the Winklevoss twins wanted a higher settlement amount. The twins claimed that Facebook CEO Mark Zuckerberg stole the idea for his company from them when they were students at Harvard University, which inspired the hit movie “The Social Network.”
The twins almost pushed for the case to go all the way to the Supreme Court. In a separate case, the twins went after law firm Quinn Emanuel Urquhart & Sullivan, which represented them in their original case. The lawyers were accused of malpractice and for violating confidentiality by revealing the settlement in marketing literature. An arbitration panel said that the twins had to pay the law firm a $13 million contingency fee.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry