(Updates with Attorney Winklevoss application control in the sixth paragraph).
April 11 (Bloomberg)--Facebook Inc. has won a court decision to enforce the regulations of a founder of the company claiming prosecution Mark Zuckerberg stole the idea of what has become the largest social networking site in the world.A panel of three judges of the Court of appeal of the United States in San Francisco today decided unanimously that the contract was "valid and enforceable," stressing that the released regulations Facebook of all claims.The Court dismissed the claims of the Harvard University classmates old Zuckerberg, twins Cameron and Tyler Winklevoss, who argued that the 2008 agreement should be cancelled because Facebook did not disclose an assessment specifies actions before agreeing to settle for 65 million dollars in stock and cash to limited participation. That year, a lower court ruled that the agreement was binding on. "With the help of a team of lawyers and a financial advisor, they made a deal that appears quite favourable in light of these recent market activity,"the Court said, noting that Facebook based in Palo Alto, California is now estimated at 50 billion in revenues3"33 times what the Winklevosses thought to mediation. "" For some reason, they want to now back out ", the Court said in today's decision. "As the district court, we see no basis to enable them to do so." At some point, litigation must come to an end. That has now reached a point. "The Winklevosses will request a larger panel of judges on the Court of appeal in San Francisco to consider the case, said Jerome Falk, an attorney for the brothers. "Extremely important issues"In my judgment, opinion raises extremely important questions of federal law which deserve consideration by the Ninth Circuit Court of Appeal set,"Falk, said in an e-mail. "For this reason that my colleagues and I will file a petition for a rehearing en banc within fifteen days following."Facebook welcomes the decision, Colin Stretch, Advocate General Assistant to the company, said in a statement by e-mail.Today's decision confirms the agreement between the Winklevosses and Zuckerberg, whose twins committed to help build dating from ConnectU Inc. website while they were students at Harvard, Cambridge, Massachusetts, in 2003. The Winklevosses and a partner, Divya Narendra, initially accused Zuckerberg in a trial for stealing their idea and delay project ConnectU, while the building secretly Facebook.Falk said the Court in January that Facebook committed securities fraud because a price on the exact part "not disclosed to the founders until after the subscription"."they have signed," describing the conditions of the agreement. Force the Winklevosses to accept the settlement would be "immunizing fraud in mediation," he said. "Sophisticated Parties'Joshua Rosenkranz, a Facebook lawyer and a partner in New York from San Francisco Orrick Herrington & Sutcliffe LLP Office, replied that the Winklevosses and the Narendra were, at the time, they signed the agreement," sophisticated parties surrounded by a platoon of lawyers "which the main objective of the negotiations was own 0.3 per cent of Facebook. They reached a settlement of binding which makes their "richer by the day", said Rosenkranz.En February 2008, the two parties arrived at a settlement through mediation would pay founders of ConnectU 20 million in cash and 45 million dollars in stock or 1.25 million shares based on a price of $35.90, according to Falk, a partner at Howard Rice Nemerovski Canady Falk & Rabkin in San FindingWithin de Francisco.Expert a couple of months of signing this agreement, counsel for the learned ConnectU that Facebook had accepted the conclusion of an expert that the price of the strike for employee stock options was $8.88 per shareFalk said. Based on this award, the Winklevosses should have received four times more actions that they have obtained, according to Falk.Falk said in January that the 2008 regulations is now valued at $ 100 million more than the amount of his originalAfter Goldman Sachs Group Inc. has invested $ 450 million, in the social networking site to stimulate the assessment of the business to $ 50 billion. The investment was for the first time in January.The case of Goldman Sachs is the Facebook Inc. v. ConnectU Inc., 08-16745, 9th Circuit Court of appeal of the United States (San Francisco).-Editors: Stephen Farr, Peter Blumberg
To contact the reporters on this story: Karen Gullo in San Francisco at kgullo@bloomberg.net; Joel Rosenblatt in San Francisco at jrosenblatt@bloomberg.net
To contact the editor responsible for this story: Michael Hytha to the mhytha@bloomberg.net
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