SEC Approves Nasdaq Settlement Proposal Over Facebook IPO Issues

The Securities and Exchange Commission Monday approved a revised $62 million settlement by Nasdaq parent Nasdaq OMX Group over technical issues that marred Facebook’s May 18 initial public offering, Reuters reported.

The SEC announced last October that it would closely scrutinize the stock exchange’s plan to compensate trading firms for losses they experienced during the bungled IPO. Nasdaq had defended its proposal the previous month, after affected firms expressed their dissatisfaction with it.

The stock exchange initially submitted its settlement proposal last June.

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