SEC Delays Ruling On Nasdaq's $62M Facebook IPO Payout

Law360, New York (January 25, 2013, 1:56 PM EST) -- The U.S. Securities and Exchange Commission said Wednesday that it needed more time to authorize a $62 million proposal from Nasdaq OMX Group Inc. compensating brokers who lost money in Facebook Inc.’s botched initial public offering.

In a notice delaying a ruling on the proposal to March 29, the SEC said it needed more time to consider comment letters regarding the proposed compensation plan, which would repay brokers for losses attributed to the failure of the exchange’s opening cross, which was meant to set the first...
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