• BBC, Tuesday, January 11, 2011 2:06 PM

By now, everyone and their mother knows about the Brothers Winklevoss, who, along with Divya Narendra, have spent the past 5-odd years litigating against Facebook and its young founder Mark Zuckerberg. In 2008, Facebook settled with the trio for millions of dollars. Now, three years later, the twins and Narendra want the case heard again. "On Tuesday, they will ask the Ninth Circuit Court of Appeals in San Francisco to undo the original settlement so they can legally pursue Facebook for more money and once again try to wrest an admission from Mr Zuckerberg that he stole their idea," reports the BBC.

"The settlement they reached involved $20m in cash and $45m in stock based on a valuation of $36 a share," Jerome Falk, senior attorney for the Winklevoss twins and Narendra, tells the BCC. "Facebook failed to disclose that at about the same time its board of directors had approved a valuation of $9 a share which was to be the basis of stock options for key employees." Falk and his legal team will reportedly argue that under American Securities Law, issuers of stock are obliged to make full disclosure of all facts. At risk for the Winklevosses and Narendra are the millions they've already been awarded.

Read the whole story at BBC »