Thursday, October 13, 2011

Another Winklevoss Loss--Rowing Twins Likely to Miss Litigation Playoffs

SAN FRANCISCO - JANUARY 11:  Cameron (L) and T...Image by Getty Images via @daylifeSay what you will about the litigious Winklevoss twins, but you have to admit, they're not afraid to lose.

The latest courtroom setback for Harvard alums Cameron and Tyler Winklevoss happened this week when a five-judge panel of New York's Appellate Division, First Department upheld the 2010 findings of an arbitration panel and of New York Supreme Court Judge Richard Lowe III by rejecting the duo's legal malpractice claim against the law firm that resolved the Winklevi suit against Facebook founder Mark Zuckerberg. In ConnectU v. Quinn Emanuel (Case No. 602082), the appeals court granted defendant Quinn Emanuel Urquhart & Sullivan's motion to dismiss the plaintiffs' suit to overturn the firm's $13 million contingent fee arising from the settlement of the Facebook suit in 2008, according to a report by Reuters news service. (See "TUOL" post 7/26/11).

The brothers W alleged their lawyers undervalued social media giant Facebook's worth when negotiating the settlement and purportedly breached client confidence by allegedly disclosing the settlement sum in a firm newsletter, despite a confidentiality agreement. The Winklevoss twins, who reportedly received $20 million apiece and another $65 million in Facebook stock from the settlement, despite their Olympic rowing skills, appear unable to get the Zuckerberg loss through their thick sculls.

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