Earlier today a panel of Federal Appeals judges ruled that the Winklevoss twins had to accept a 2008 ruling and make due with their meager $65 million settlement with Facebook, now worth over $100 million. But the case is not closed, as the Winklevosses will be filing for a rehearing with the 9th Circuit Court of Appeals bench.
This morning Federal Appeals Chief Judge Alex Kozinski told the Winklevosses, “At some point, litigation must come to an end. That point has now been reached.”
Apparently the Winkelvoss legal team did not get the memo, as they are asking for a Petition For Rehearing En Banc, or a rehearing with 11 as opposed to three judges. Only an En Banc hearing or the Supreme Court can overturn a ruling by a Federal panel. Kozinski himself be will present at the new hearing, if it takes place.
Jerome B. Falk, Jr., lawyer at Howard Rice in San Francisco and lead appellate counsel for Cameron Winklevoss, Tyler Winklevoss and Divya Narendra gave me the following in a 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.”
Neither Falk or his clients are currently granting interviews, but Tyler Winklevoss is apparently tweeting out the entire legal statement. The Appeals Court only grants about 15-20 En Banc requests a year, out of thousands.