A federal appeals court ruled Monday that Tyler and Cameron Winklevoss of Greenwich cannot undo a 2008 settlement reached over the creation of the social networking site Facebook, The Associated Press reported.
The twin brothers, former Harvard classmates of Facebook founder Mark Zuckerberg, had argued that they were misled about the sites value when they signed the agreement. The original deal, calling for a $20 million cash payment and partial ownership of Facebook, is now worth more than $160 million because of Facebooks success, the AP said.
The U.S. Circuit Court of Appeals ruled Monday that the duo knew what they were agreeing to in the original settlement, upholding a lower court decision. Lawyers for the twins said they would review the decision before taking further action.
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