Embattled stock exchange Nasdaq countered objections to its plan to compensate firms affected by the technical issues that marred Facebook’s initial public offering, saying in a letter to the Securities and Exchange Commission earlier this week that none of the points brought up by critics of the plan was enough for the SEC to reject it.
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The $62 million settlement proposal by Nasdaq parent Nasdaq OMX Group to compensate firms affected by the technical issues that marred Facebook’s initial public offering has at least one strong backer in Chicago-based hedge fund Citadel Securities.
As expected, Nasdaq announced its plan to compensate investors affected by the technical issues that marred Facebook’s initial public offering, upping the total that it will pay out to $62 million from its previous proposal of $40 million.
The legal hits keep coming for Nasdaq as a result of its technical issues with Facebook’s initial public offering, as Knight Capital Group CEO Tom Joyce told analysts on a conference call that the trading firm continued to weigh its legal options.
