The Securities and Exchange Commission on Monday
approved a 62-million-dollar compensation payment by the Nasdaq stock
exchange for glitches which hampered the Facebook initial public
offering last May, Nasdaq said Monday.
The glitch prevented trades in the fevered IPO from being executed and could have cost brokerages as much as 500 million dollars, according to the Wall Street Journal, which reported that many companies will proceed with further legal action against the stock exchange.
The report said Swiss banking giant UBS, which alone claimed to have lost 356 million dollars due to the glitch, planned to recover all its losses from the incident and had filed a demand for arbitration.
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Some California Cities Seeking Water Independence
- Apple, HP, Intel May Take a Hit from Slowdown in Smartphone Sales Growth
- Chinese e-Commerce Giant Alibaba Gears for IPO in U.S.
- FDIC Files Lawsuit on Behalf of Banks Allegedly Hurt by Libor Scandal
- Motley Crue's Nikki Sixx Marries Model Courtney Bingham
- Will Missing Malaysian Jet Prompt Aviation System Change?
- SoCalGas Reaches Record Spend on Diversity Suppliers
- Keurig Adds Peet's coffee, Alters Starbucks deal
- Obama Seeks to Stay Neutral in CIA-Senate Conflict