Winklevii Lose Appeal (Updated)

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Don't worry, they still have their chiseled good looks, their impressive rowing shoulders, and millions of dollars. But Cameron and Tyler Winklevoss — immortalized as the Winklevii in The Social Network, which chronicled their legal battle against their Harvard classmate Mark Zuckerberg, who they claim stole the idea of Facebook from them — have lost the most recent battle in their crusade. The Ninth Circuit Court of Appeals today turned down the twins' appeal of their 2006 settlement, in which they claimed they were misled about the value of the company's shares. "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 judges said in a ruling.

"At some point, litigation must come to an end," the judges continued. "That point has now been reached."

Or has it?

Back in February, Cameron Winklevoss told us that such a ruling is "not necessarily the last stop on that path." "It’s not the last chapter of the story," his brother Tyler chimed in. "It’s not the final word necessarily, and we will assess every option."

Update: Get ready for Round Three! Lawyers for the Tenacious Twins have just issued the following statement:

"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."


Winklevoss twins lose Facebook appeal
Earlier: The Crusade of the Winklevii