Winklevoss Twins Drop Facebook Lawsuit

Avoiding the Supreme Court, brothers accept old settlement

Facebook has dealt with a slew of lawsuits since its rise to prominence, but few as iconic as the legal battle between the social network giant and twin brothers Cameron and Tyler Winklevoss. Three years after being offered a settlement, the brothers have decided to drop their legal battle just short of the United States Supreme Court, instead taking the cash and stock options that they were offered back in 2008.

The Winklevoss brothers initially scoffed at the settlement offer for undervaluing their contributions to Facebook’s creation. Now, the brothers say they will accept the offered $20 million in cash and a chunk of Facebook stock that could now be worth more than $150 million. When Facebook proposed the settlement, the company was worth around $15 billion. Since then, it has more than quadrupled in value.

The Winklevoss suit is coming to a close, but that’s not to say all of Mark Zuckerberg’s legal troubles are behind him. The ongoing drama between Facebook and wood-pellet salesman Paul Ceglia rages on after seven years. Ceglia claims he is entitled to a large share of the company due to a 2003 contract with Zuckerberg, but Facebook says his claim is "fraudulent."