Winklevoss Twins Not Particularly Enamored With Legal System, Lawyers nor Results.
We have chronicled the saga of the Winklevoss twins in these pages before (see here, here, here 
and here) and frankly, we're a little embarrassed we have spent so much time on this. As you will remember, the twins succeeded beyond most mere mortals wildest expectations when they settled their claim against mighty Mark for a portion of Facebook now estimated to be worth more than 9 figures. That definitely made them a member of the one percent. They then decided that they had been scammed and tried a number of times to set the settlement aside. As indicated in the posts described above, they have been singularly unsuccessful in that endeavor.
They engaged the firm of Quinn Emanuel to pursue the initial law suit against Facebook. The arrangement with Quinn Emanuel provided for a contingency fee based on the amount ultimately recovered through suit or settlement. They signed an engagement letter that they had reviewed by independent counsel. After the settlement with Facebook, the twins decided not to pay Quinn Emanuel the $13 million in legal fees that Quinn Emanuel claimed under the engagement letter. Quinn Emanuel instituted arbitration in accordance with the engagement letter. The twins sought a court order enjoining the arbitration proceeding. That was denied. An arbitration panel awarded Quinn Emanuel the $13 million dollars. The twins appealed again to the New York Supreme Court seeking to set aside the award because of the law firm's alleged malpractice. Denied again.
The Winklevoss twins entered into a settlement that made them even wealthier than they already were. They then decided that they didn't like what they had agreed to and have set out to avoid anything relating to that settlement. They are zero for career in that category. I wonder if the law firm representing them in the matter against Quinn Emanuel asked for up front payment. They would be guilty of malpractice on their own behalf if they didn't.
