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
- NSA Defends Global Cellphone Tracking Legality
- Top Websites for U.S. Hispanics
- Ad Counts Rise in 2013 for Hispanic Magazines
- Networks Vie for U.S. Hispanic TV Viewers
- Saab Gets Back into the Game; U.S. Auto Sales Soar
- Apple Activates Customer-Tracking iBeacon
- Dell Offers Undisclosed Number of Employee Buyouts
- 2013 Tech Gift Guide: iPad Mini Still Hot; Chromecast a Great Low-Cost Option
- A Biography of Jonathan Ive, Apple's Creative Chief
- Authorities Close to Deal with JPMorgan Chase over Madoff Response