UBS Joins Citigroup In Urging SEC To Reject Nasdaq Settlement Offer Over Facebook IPO

Add UBS to the list of financial firms that are unhappy with 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, as it followed the lead of Citigroup in sending a long letter to the Securities and Exchange Commission.

CBS MoneyWatch reported that UBS is claiming $356 million in losses related to the Facebook IPO, and it said in its letter, which was not worded as strongly as that of Citigroup:

We strongly urge the commission to reconsider the level of the proposed cap in light of the actual damages caused by Nasdaq in its mismanagement of the Facebook IPO.

Earlier this week, Citadel Securities urged the SEC to accept the settlement offer from Nasdaq.

Readers: What do you think the SEC will eventually decide?

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