Cameron and Tyler Winklevoss decided to plea for justice at the United States 9th Circuit Court of Appeals last Monday in order to reverse a court verdict in the previous week which stated that there will be no escape for the twin brothers regarding their estimated $65 million payment to Facebook three years ago. The said amount includes money along with shares.
The twins have already resolved a case versus Facebook wherein they asserted that Mark Zuckerberg, their fellow owner, embezzled the concept for Facebook during the time when the website ConnectU was being created by them. The Winklevoss brothers and Zuckerberg were Harvard classmates at that point.
At present, the amount to be paid soared to beyond $160 million since Facebook, a social media platform, has gained more fame as well as worth.
T. Rowe Price, a stockholding company, lately purchased stocks in Facebook with an amount of $190.5 million. According to the statistics, Facebook ranks first in number of online visitors. Thus, its worth skyrocketed to around $ 50 billion.
In the previous week, the Court of Appeals with a jury composed of three judges made a verdict in opposition to the brothers. At this moment, they are hoping to attain a reversal of decision from the jury of 11 judges. The twins made a dispute in the court papers wherein following the agreement was sealed, they discovered that the amount of their shares was lower as compared to what was stated in the court three years ago.
The lawyers of the twins from Howard Rice, a legal company, submitted their plea at the Court of Appeals. According to one of their lawyers, Jerome B. Falk Jr., the plea is for giving resolution about the payment agreement in 2008 if it was lawful or not.
Falk further mentioned that the basis for agreements must be dealt sincerely. The previous court’s verdict really favored Facebook since there was a strong assertion that the social networking site attained this payment agreement through deceitful act. The twin’s plea requests only the whole 9th Circuit Court of Appeals to hear their side again.