Friday, 24 June 2011

Winklevoss twins abandon appeal over Facebook settlement to U.S. Supreme Court - latimes.com

I do not often comment on overseas litigation, but what is interesting about this case is that they settled the claim with a mediated agreement and then sought to undo the agreement, essentially because they claim they were misled on the value of the Facebook shares they received. It is unusual to overturn a mediated agreement, but if their assertion was correct about the misleading values, then this could have been possible, although the US Federal Court clearly thought the assertion didn't carry much force. It does underline the care needed in drafting such settlement agreements and the need to be transparent at the mediation and in the provision of information.

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